Strong Financial Performance
Gap, Inc. delivered a 2% increase in comparable sales and a 24% growth in earnings per share to $0.51. Operating margin improved by 140 basis points to 7.5% compared to last year.
Market Share Gains
Old Navy and Gap brands achieved their ninth and sixth consecutive quarters of market share gains, respectively. Old Navy's net sales were $2 billion, up 3%, and Gap's net sales were $724 million, up 5%.
E-commerce Leadership
Gap, Inc. ranked as the number one apparel e-commerce business in the US, with online business growing 6% and representing 39% of total net sales.
Strong Cash Position
The company ended the quarter with a strong cash balance of approximately $2.2 billion, an increase of 28% from last year.
Successful Brand Collaborations
Gap's collaborations, such as the Gap Studio Collection by Zach Posen, generated over 1.3 billion impressions with strong full-price sell-through, demonstrating the brand's pricing power.