2023-05-26 13:14:21 ET
Shares of apparel company Gap (NYSE: GPS) popped on Friday after it reported its latest quarterly financial results. As of noon ET, Gap stock was up 10%.
Gap owns several retail brands, including Old Navy, Banana Republic, and its namesake brand. On a consolidated basis, the company's net sales for the fiscal first quarter of 2023, which ended in April, dropped 6% year over year to about $3.3 billion. This number was expected.
Largely thanks to some improvement to its gross profit margin , Gap's net income greatly improved in Q1 compared to the same quarter of last year. In Q1, it had a net loss of $18 million, whereas its net loss was $162 million last year. And on an adjusted basis, Gap squeaked out a profit, which was better than the market expected and led to today's pop.
For further details see:
Why Gap Stock Popped Today