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Gap Inc. reported adjusted earnings per share of $0.52 for the second fiscal quarter, raising its full-year adjusted EPS guidance, but total sales decreased by 2% year-over-year.
Gap Inc. reported adjusted earnings per share of $0.52 and an adjusted gross margin of 41.4% for the second fiscal quarter, and raised its full-year adjusted earnings per share guidance to $2.35-$2.45. However, the company's total sales decreased by 2% year-over-year to $3.7 billion, with Old Navy and Athleta brands seeing sales declines of 4% and 12% respectively, while the Gap namesake brand's sales grew by 9%. The company has appointed Michael Francis as the new President and CEO of Old Navy.
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