Stock Market News

Gap Shares Surge 7% on Q2 Beat, Withdraws Outlook

2022.08.26 01:46

Gap Shares Surge 7% on Q2 Beat, Withdraws Outlook
Gap Shares Surge 7% on Q2 Beat, Withdraws Outlook

By Davit Kirakosyan

Gap Inc (NYSE:GPS) shares soared more than 7% after-hours following the company’s reported Q2 results, with EPS of $0.08 coming in better than the consensus estimate of ($0.05). Revenue declined 8% year-over-year to $3.86 billion, compared to the consensus estimate of $3.82 billion.

Comparable sales dropped 10% year-over-year. Online sales, which represent 34% of total sales, declined 6% year-over-year. Store sales were down 10% year-over-year.

“We are taking actions to better optimize profitability and cash flow in the near term, reducing operating costs as well as impairing unproductive inventory. While our elevated inventory and pressured margins are current realities against unsettled market conditions, they do not define our ability to capitalize on Gap Inc.’s strengths to win,” said Bob Martin, Executive Chairman and Interim CEO of Gap Inc.

The company withdrew its prior full 2022-year outlook, given the actions it has underway and in midst of a CEO transition, combined with the uncertain macro-environment.

The company noted improvement in sales trends in July and into August, coming off of peak inflation and the higher gas prices particularly impacting the lower-income consumer in June. The company said it remains cautiously optimistic in light of the consumer environment as it relates to its revenue in H2/2022.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 81,694.89 2.19%
ethereum
Ethereum (ETH) $ 3,154.03 1.69%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 217.48 4.07%
bnb
BNB (BNB) $ 614.97 4.14%
dogecoin
Dogecoin (DOGE) $ 0.286657 15.71%
usd-coin
USDC (USDC) $ 0.999568 0.09%
xrp
XRP (XRP) $ 0.578151 5.44%
staked-ether
Lido Staked Ether (STETH) $ 3,151.56 1.74%
cardano
Cardano (ADA) $ 0.594663 4.25%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 7.88%
tron
TRON (TRX) $ 0.164585 1.13%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,743.64 1.36%
the-open-network
Toncoin (TON) $ 5.28 2.96%
avalanche-2
Avalanche (AVAX) $ 31.87 2.77%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,663.88 2.29%
sui
Sui (SUI) $ 3.21 7.30%
weth
WETH (WETH) $ 3,159.84 1.45%
chainlink
Chainlink (LINK) $ 13.89 5.63%
bitcoin-cash
Bitcoin Cash (BCH) $ 433.76 2.92%
polkadot
Polkadot (DOT) $ 5.10 5.77%
leo-token
LEO Token (LEO) $ 7.26 4.06%
near
NEAR Protocol (NEAR) $ 5.18 6.22%
aptos
Aptos (APT) $ 11.86 7.66%
litecoin
Litecoin (LTC) $ 76.29 2.29%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,319.92 1.60%
uniswap
Uniswap (UNI) $ 8.83 7.17%
usds
USDS (USDS) $ 0.987117 2.09%
pepe
Pepe (PEPE) $ 0.000012 5.35%
internet-computer
Internet Computer (ICP) $ 8.94 3.52%
bittensor
Bittensor (TAO) $ 561.83 2.37%
crypto-com-chain
Cronos (CRO) $ 0.146362 18.26%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 4.70%
kaspa
Kaspa (KAS) $ 0.150237 5.75%
ethereum-classic
Ethereum Classic (ETC) $ 22.54 3.86%
dai
Dai (DAI) $ 0.998553 0.29%
stellar
Stellar (XLM) $ 0.108349 3.20%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.402206 3.57%
blockstack
Stacks (STX) $ 1.99 8.18%
dogwifcoin
dogwifhat (WIF) $ 2.98 9.61%
whitebit
WhiteBIT Coin (WBT) $ 20.77 3.58%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.15%
monero
Monero (XMR) $ 158.03 4.30%
aave
Aave (AAVE) $ 185.30 5.64%
okb
OKB (OKB) $ 44.44 0.84%
mantle
Mantle (MNT) $ 0.7607 6.14%
injective-protocol
Injective (INJ) $ 25.83 1.71%
filecoin
Filecoin (FIL) $ 4.14 2.65%
arbitrum
Arbitrum (ARB) $ 0.623011 3.81%
render-token
Render (RENDER) $ 6.19 9.38%