Gap Inc. Reports Q1 Profit, Boosts Annual Forecast

The retailer sees gains across all brands, raising its outlook for fiscal 2024 despite a challenging market environment.

Gap Inc. posted a net income of $158 million for Q1 2024, reversing a loss of $18 million from the previous year.
Net sales increased by 3% to $3.4 billion, with comparable sales also rising 3%.
Old Navy, Gap, Banana Republic, and Athleta all reported positive comparable sales growth.
The company has raised its fiscal 2024 guidance, expecting operating income to grow in the mid-40% range.
Gap Inc.'s stock price surged 20% in after-market trading following the positive Q1 results and forecast revision.