+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Gap fends off retail apocalypse, climbs on earnings beat

Aug 25, 2024, 22:38 IST

Advertisement
GlassdoorGap Inc.'s stock climbed 6% to $24.57 a share after the company reported first-quarter profit that beat analyst forecasts.

The adjusted gain for the period was $0.36 per share, exceeding consensus estimates of $0.29 per share. The clothing retailer also reported quarterly revenue of $3.44 billion, beating an analyst forecast of $3.39 billion. Further, same-store sales climbed 2%, while estimates called for a 0.2% contraction.

"We are pleased with our positive comp and earnings growth this quarter," president and CEO Art Peck said in a statement. "We've made substantial improvements in product quality and fit, and our increasing responsive capabilities are enabling us to better react to trends and demand."

It hasn't been pretty for brick-and-mortar shops. In addition to a rash of store closings, Sears is also battling dwindling inventory, while its CEO publicly battles one of the department store's biggest tool vendors. Macy's is shutting stores at a rapid clip. Even billionaire investor Warren Buffett has piled on.

Advertisement

A boost to Gap's stock will be welcome news for shareholders that have suffered through a 13% drop over the past week. The stock has slipped 24% since reaching an almost 14-month high on November 17.

Markets Insider

NOW WATCH: China built a $350 million bridge that ends in a dirt field in North Korea

Please enable Javascript to watch this video
You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article