Gap Inc Reports Quarterly Net Sales of $ 3.94 Billion vs. $ 3.99 Billion

Posted: 11/23/2021 9:31 PM GMT
Gap, Inc. (GPS) – Quarterly net sales $ 3.94 billion versus $ 3.99 billion.
Quarterly loss per share $ 0.40; Non-GAAP quarterly earnings per share $ 0.27.
Third-quarter earnings per share, view $ 0.50, view revenues $ 4.44 billion – Refinitiv Ibes data (analyst estimates).
Quarterly online sales increased 48% from the third quarter of 2019 and accounted for 38% of the total number of businesses.
Sees earnings per share for the year in the range of $ 0.45 to $ 0.60.
Sees adjusted earnings per share for the year in the range of $ 1.25 to $ 1.40.
Revenue growth for the fiscal year is now expected to be approximately 20% from fiscal 2020.
Showing FY $ 2.20 Per Share, Showing $ 17.72 Billion Revenue – Refinitiv Ibes Data (Analyst Estimates).
Old Navy quarterly net sales increased 8% from 2019; Quarterly variance net sales decreased 10% from 2019.
Quarterly comparable sales increased 5% compared to 2019.
The disruption of the global supply chain, including plant closures linked to Covid, continued port congestion, caused significant production delays in the third quarter.
Significantly reduced inventory positions throughout the quarter negatively impacted sales as brands were unable to fully meet strong consumer demand.
Leverage increased air freight and port diversification to address ongoing delivery challenges for the holidays.
Banana Republic’s quarterly net sales are down 18% from 2019; Qtrly Athleta net sales increased 48% compared to 2019.
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Ann J. Cox