Gap Inc posts surprise quarterly profit, shares jump 16% after hours [Globe and Mail, The (Toronto, Canada)]
Gap, Inc. (The) (GPS)
Last gap, inc. (the) earnings: 3/12 04:15 pm
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Source: Globe and Mail, The
The company has seen two consecutive quarters of lower inventory as it works to clear excess apparel purchased last year. Inventory volumes declined 27 per cent from a year earlier, according to Chief Financial Officer Katrina O'Connell. Gap, like many retailers, sped up its ordering as consumer demand surged during the COVID-19 pandemic, only to be left with piles of unsold inventory as spending normalized. “It was an okay quarter that was better than expected or feared,” said CFRA Research analyst Zachary Warring. Since September, the retailer has eliminated about 2,300 corporate positions in two rounds of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets. Interim CEO Bob Martin in a post earnings call said job cuts should contribute to nearly $550-million in estimated annualized savings on a cumulative basis. Executives pointed to lower spending on salaries and other operating costs in a bid to improv
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GPS
Earnings
- 3/7/24 - Beat
GPS
Sec Filings
- 4/12/24 - Form 4
- 3/28/24 - Form 4
- 3/27/24 - Form 4
- GPS's page on the SEC website