Comparable sales, a key gauge for retailers, rose 1 per cent in the quarter ended Oct. 29. That’s better than the 3.4 per cent decline from analysts surveyed by Bloomberg.
The results show that shoppers may be taking advantage of widespread markdowns that started over the summer as a result of the retailer being saddled with excess inventory. Gap shares rose 7 per cent to US$13.60 at 4:53 p.m. in after-hours New York trading. The stock has dropped 28 per cent in 2022 through Thursday’s close, more than the 12 per cent decline for the S&P 400 Midcap Index.
The company took a US$53 million charge for Yeezy Gap product, which it pulled from stores after ending its partnership with rapper and designer Ye.
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