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