Gap raises guidance ahead of holidays after storms, warm weather slowed sales [CNBC]
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The apparel giant behind Old Navy, Banana Republic, Athleta and its eponymous banner blew past Wall Street's earnings estimates despite a tough quarter impacted by unseasonably warm weather and hurricanes. Gap is in the midst of a turnaround under CEO Richard Dickson, which has leaned into better marketing to drive cultural relevance. Hurricanes and unseasonably warm weather hit sales at Gap during its fiscal third quarter, but the apparel company still posted better than expected results, leading it to raise its annual guidance for a third time this year. Gap, which runs Old Navy, Banana Republic, Athleta and its namesake banner, is now expecting fiscal 2024 sales to be up between 1.5% and 2%, compared to previous guidance of “up slightly.” That's ahead of the 0.4% growth that LSEG analysts had expected, and bodes well for the all-important holiday shopping season, which is now underway. The company is also anticipating gross margins and operating income will grow more than
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