“Gap shares pop as company’s holiday earnings blow past estimates, Old Navy returns to growth”
March 12, 2024
“Gap’s largest banner Old Navy returned to growth for the first time in more than a year during its holiday quarter as the retailer delivered earnings on Thursday that came in well ahead of Wall Street’s expectations.
Sales at Old Navy grew 6% to $2.29 billion, and Gap’s overall gross margin surged 5.3 percentage points to 38.9% thanks to fewer markdowns and lower input costs. Analysts had expected a gross margin of 36%, according to StreetAccount.
Shares of Gap jumped about 5% in extended trading following the report….”
https://www.cnbc.com/2024/03/07/gap-gps-earnings-q4-2023.html