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Gap shares pop 15% as earnings beat on sales growth at all four brands

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Richard Dickson Notizia

Gap Inc,Breaking News: Business,Breaking News: Earnings

Gap has been in the midst of a turnaround under CEO Richard Dickson, who has focused on better marketing and storytelling for the company's portfolio of brands.

Gap beat quarterly estimates on the top and bottom lines, leading it to raise its full-year guidance.

The retailer behind Gap, Banana Republic, Athleta and Old Navy blew past earnings estimates and beat on revenue, too. "We're feeling very confident about our quarter and it has given us the confidence to raise our guidance for full year 2024, both the outlook for revenue and operating margin … It continues, if you will, to really demonstrate our confidence that our priorities are really taking shape," he added. "The culture is being energized and we're delivering what we said we were going to deliver to our shareholders.

Dickson, who took the helm of Gap in late August, is a marketing guru who has been working to reinvigorate the company's portfolio of brands. His work has focused on brand storytelling and positioning names like Gap and Old Navy back into the center of culture.Earlier this month, actress Da'Vine Joy Randolph wore a denim ball gown designed by Gap's new creative director, Zac Posen, to the Met Gala.

 

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