Gap Inc. , the largest specialty apparel company in the U.S. and a house of iconic brands including Old Navy, Gap, Banana Republic, and Athleta.
Third Quarter Fiscal 2024 – Financial Results

Net sales of $3.8 billion were up 2% compared to last year. Comparable sales were up 1% year-over-year. Due to the 53rd week in fiscal 2023, in order to maintain consistency, comparable sales for the third quarter of fiscal 2024 are compared to the 13 weeks ended November 4, 2023.
Store sales decreased 2% compared to last year. The company ended the quarter with 3,603 store locations in about 40 countries, of which 2,544 were company operated.

Online sales increased 7% compared to last year and represented 40% of total net sales.
Gross margin of 42.7% increased 140 basis points versus last year’s gross margin.
Operating expense was $1.3 billion.
Operating income was $355 million; operating margin of 9.3%.
The effective tax rate was 24%.
Net income of $274 million; diluted earnings per share of $0.72.

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