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Gap Q1 sales $3.28 billion

Christian Fernsby |
Gap reported financial results for its first quarter ended April 29, 2023.

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Net sales of $3.28 billion, down 6% compared to last year.

Reported gross margin was 37.1%. Excluding $4 million in restructuring costs, adjusted gross margin of 37.2% increased 570 basis points versus last year.

Reported operating loss was $10 million; reported operating margin of negative 0.3%.

Adjusted operating income was $18 million, excluding a $47 million gain related to the sale of an office building and $75 million of restructuring costs; adjusted operating margin of 0.5%.

Reported net loss of $18 million; reported diluted loss per share of $0.05.

Adjusted net income of $3 million, excluding the gain on sale and restructuring costs; adjusted diluted earnings per share of $0.01.


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