Published on 1 Jun 2024 on GuruFocus.com via Yahoo Finance
Gap Inc (NYSE:GPS) reports a significant turnaround with a net income of $158 million in Q1 2024, compared to a net loss of $(18) million in Q1 2023.Net sales increased by 3% to $3.39 billion, with a notable improvement in gross profit margin from 37.1% to 41.2%.Operating expenses saw a reduction, contributing to an operating income of $205 million against a loss the previous year.Despite global economic uncertainties, Gap Inc (NYSE:GPS) demonstrates resilience and strategic agility in its operations.
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