Pedestrians pass in front of a GAP store in New York.
Scott Mlyn | CNBC
Gap Inc. on Thursday reported fourth-quarter earnings and sales that topped analysts’ estimates, as it announced a slew of new leadership changes.
Its shares initially jumped more than 5% in after-hours trading on the news. The stock was recently flat.
Here’s how the company did during the holiday quarter compared with what analysts were expecting, based on a poll by Refinitiv:
- Earnings per share: 58 cents, adjusted, vs. 41 cents expected
- Revenue: $4.67 billion vs. $4.55 billion expected
- Same-store sales: down 1% vs. a drop of 3.8% expected
Gap earlier this month said it was tapping its Old Navy chief, Sonia Syngal, to be CEO, effective March 23.
Earlier this year, Gap called off plans to split Old Navy into a separate public company. That decision followed the ouster of former Gap Inc. CEO Art Peck in late 2019.
On Thursday, the company said current Old Navy CFO Katrina O’Connell will become CFO of Gap Inc., succeeding Teri List-Stoll.
The retailer never disclosed exact holiday sales, but in January it slightly boosted its full-year expectations “as a result of better than anticipated promotional levels over the holiday period.”
Gap shares have tanked more than 60% over the past 12 months. The company has a market cap of about $3.8 billion.
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