Categories Consumer, Earnings

Earnings Summary: Gap Inc. reports Q3 2023 financial results

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

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