Gap Shares Rally on Q4 Profit, Upbeat Guidance

Seeking Alpha03-08

Led by positive comparable sales for its Old Navy and Gap brands, Gap Inc (NYSE:GPS) swung to a profit and posted better-than-expected results for Q4, driving shares higher in Thursday’s after-hours ...

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Comparable sales were flat versus expectations to be down. Store sales were up 4% from last year, while online sales were down 2% year-over-year.Cash and cash equivalents increased by 54% to $1.87B while the company’s free cash flow improved to $1.11B from ($78M) last year. Inventory at the end of the year was down 16% to $2B.For the entire company, gross margin expanded by 530 basis points to 38.9% and the merchandise margin was up 500 basis points YoY.Taking into consideration the “continued uncertain consumer and macro environment” Gap (GPS) expects net sales to be flat from 2023 sales of $14.9B, in-line with the Street’s consensus estimate. 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