Gap’s Earnings Were Strong, but Guidance Fell Short

Gap barreled through earnings estimates, but missed slightly on sales and delivered weaker guidance than projected.

For the third quarter, Gap estimates that sales could decrease in the low double-digit range—starker than forecasts which call for a roughly 7% decline. “While we are encouraged by our near-term progress, we remain mindful of the mixed economic and consumer environment in which we are operating and continue to plan the business prudently,” said chief financial officer Katrina O’Connell.

This is Gap’s first quarter under new CEO Richard Dickson, who was tapped to lead the retailer this July after a yearlong search. He first joined Gap’s board in November 2022. Before helming Gap, Dickson was Mattel’s chief operating officer and president, where he helped lead the revival of the Barbie brand.

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