Specialty apparel company GAP Inc. (NYSE: GPS) announced financial results for the third quarter of 2023, reporting a decrease in earnings and revenues.
- Third-quarter net sales came in at $3.8 billion, which is down 7% compared to last year
- Comparable store sales decreased 2% year-over-year during the three-month period
- The company ended the quarter with 3,533 store locations in over 40 countries
- Online sales, which represent 38% of total net sales, decreased by 8% in Q3 compared to the same period last year
- Gross margin came in at 41.3% in Q3, which is up 390 basis points versus last year’s third-quarter
- Reported operating income was $250 million; reported operating margin came in at 6.6%
- Third-quarter net income decreased to $218 million or $0.58 per share from $282 million or $0.77 per share last year
- Adjusted earnings decreased to $0.59 per share during the three-month period
Listen to the conference calls as they happen. Don't miss a beat! With AlphaStreet Intelligence, you can listen to live calls and interviews as they happen, so you never have to worry about missing out on important information.
Most Popular
Can General Motors (GM) navigate the tariff challenge ahead?
General Motors' (NYSE: GM) stock tumbled last week after the Trump administration imposed new tariffs on automobile imports, raising concerns about their potential impact on the company’s production as it
What to look for when Delta Air Lines (DAL) reports its Q1 2025 earnings results
Shares of Delta Air Lines (NYSE: DAL) were down over 1% on Monday. The stock has dropped 28% over the past three months. The airline is scheduled to report its
STZ Earnings Preview: Can Constellation Brands leverage growing beer sales?
Constellation Brands, Inc. (NYSE: STZ) has effectively navigated challenges like cautious consumer spending and declining demand for its wine and spirits brands by capitalizing on the sustained growth in the
