Gap Inc. Q2 Operating Income Rises to $293 Million; Raises Gross Margin Outlook
Gap Inc. reported second-quarter fiscal 2024 net sales of $3.7 billion, up 5% from a year earlier, with diluted earnings per share of $0.54 versus $0.32. The company raised its fiscal 2024 outlook for gross margin expansion and operating income growth while reaffirming its net sales and operating expense outlook, which points to stronger profitability expectations for shareholders.
- Net sales of $3.7 billion, up 5%; comparable sales up 3% for the quarter ended August 3, 2024.
- Operating income of $293 million versus $106 million a year earlier; net income of $206 million.
- Diluted EPS of $0.54 versus $0.32 in the prior-year quarter.
- Fiscal 2024 outlook: gross margin expansion of approximately 200 basis points (prior: at least 150); operating income growth in the mid to high 50% range (prior: mid 40% range).