Gap reports ‘market share gains’ in Q4
US retailer Gap has said the fourth quarter of fiscal 2023 “exceeded expectations on several key metrics”, reflecting improved trends at Old Navy and Gap, with sales of $4.3 billion, up 1% compared with the year before.
For the full year, sales of $14.9 billion were down 5% compared to last year.
There was an increase in sales in Athleta, but slight dips at Gap, Banana Republic and Old Navy.
Gap’s results were negatively impacted by the sale of Gap China. Without this, revenues would have been up 3% versus the year before.
Gap CEO Richard Dickson said: “The financial and operational rigor we have worked to develop, and will continue to pursue, is enabling us to focus on reinvigorating our brands with the goal of generating profitable growth and value for shareholders. While there is a lot of work to do, I am inspired by the team’s commitment and energised by the opportunities ahead.”
