Gap Inc. Reports First Quarter Fiscal 2022 Results

27 May 2022, Mumbai:

Gap Inc. Reports First Quarter Fiscal 2022 Results and Provides Updated Fiscal 2022 Outlook.

Gap Inc. (NYSE: GPS), a portfolio of purpose-led, billion-dollar lifestyle brands including Old Navy, Gap, Banana Republic, and Athleta, and the largest specialty apparel company in the U.S., today reported fiscal 2022 financial results for its first quarter ended April 30, 2022.

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“Our Q1 results and updated fiscal 2022 outlook primarily reflect industry-wide headwinds as well as challenges at Old Navy that are impacting our near-term performance. While we are disappointed to deliver results below expectations, we are con dent in our ability to navigate the headwinds and re-stabilize the Old Navy business in order to deliver continued progress on our long-term strategy,” said Sonia Syngal, CEO, Gap Inc. “We believe that we can navigate this period of acute disruption and build an even more resilient and agile company.

We remain anchored by our belief in our iconic purpose-led brands – Old Navy, Gap, Banana Republic, and Athleta – and are focused on making continued progress against our Power Plan strategy and getting back on track toward delivering growth, margin expansion, and value for our shareholders over the long term.”

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First Quarter Fiscal 2022 - Financial Results

Net sales of $3.5 billion, down 13% compared to last year.

First Quarter Fiscal 2022 – Balance Sheet and Cash Flow Highlights

Ended the quarter with cash and cash equivalents of $845 million. Net cash from operating activities was negative $362 million. Free cash flow,1 defined as net cash from operating activities less purchases of property and equipment, was negative $590 million.

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CREDITS: GAP Inc. (The news article has not been edited by DFU Publications staff)