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Gap Inc. (NYSE: GPS) reported strong first quarter fiscal 2024 results, with net sales of $3.4 billion, a 3% increase from last year. All four brands showed positive comparable sales, contributing to the fifth consecutive quarter of market share gains.
Key financial highlights include a gross margin increase to 41.2%, operating income of $205 million, and a net income of $158 million with diluted EPS of $0.41. Online sales grew by 5%, making up 38% of total net sales.
The company raised its full-year guidance, now expecting net sales to be slightly up and operating income to grow in the mid 40% range. Gap Inc. ended the quarter with $1.7 billion in cash and short-term investments, and a 15% reduction in inventory. The Board approved a second-quarter dividend of $0.15 per share.
Gap Inc. (GPS) has revealed that a second quarter fiscal year 2024 dividend of $0.15 per share has been approved by the board of directors. The dividend will be payable on or after July 31, 2024, to shareholders of record as of July 10, 2024.
Gap Inc. released its 2023 ESG Report, highlighting progress in sustainability and inclusion efforts. The report showcases initiatives like the Women + Water Collaborative and the Global Water Innovation Centre for Action. Gap Inc. also achieved milestones in sourcing sustainable cotton and renewable energy usage. The company emphasized diversity, equity, and inclusion, sharing achievements and future goals.
