Gap shares spike 12% as retailer blows away expectation again, showing turnaround has staying power [CNBC]
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The apparel giant behind Old Navy, Athleta, Banana Republic and its namesake chain has been in the midst of a turnaround plan under CEO Richard Dickson. In fiscal 2024, Gap posted its highest gross margin in more than 20 years. A shopper carries her early Black Friday purchases on Thanksgiving Day, November 28, 2024, at the Citadel Outlets shopping center in Los Angeles. Gap on Thursday posted another quarter that blew away expectations, indicating its turnaround under CEO Richard Dickson is working better – and faster – than Wall Street anticipated. Shares jumped 12% in extended trading Thursday. The apparel retailer behind Old Navy, Banana Republic, Athleta and its namesake banner beat expectations on the top and bottom lines during the all-important holiday quarter and saw comparable sales grow 3%, ahead of expectations of up 1%, according to StreetAccount. Here's how Gap did in its fiscal fourth quarter compared with what Wall Street was anticipating, based on a surve
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