Gap Enjoys Post Earnings Bump in Late August
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GAP Inc. (NYSE:GAP) shares climbed 2.5% in August 2024 after the company reported Q2 fiscal 2024 earnings, showing a 5% increase in net sales to $1.7 billion and a 3% rise in comparable sales. Net income was $54 million, with diluted earnings per share at $0.54. The company’s cash and short-term investments rose 59% year-over-year. GAP reaffirmed its net sales and operating expense outlook while increasing expectations for gross margin and operating income growth, projecting mid-to-high 50% growth for operating income for fiscal 2024.
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