Shares of apparel company Gap (NYSE: GPS) popped on Friday after it reported its latest quarterly financial results. As of noon ET, Gap stock was up 10%.
Gap owns several retail brands, including Old Navy, Banana Republic, and its namesake brand. On a consolidated basis, the company's net sales for the fiscal first quarter of 2023, which ended in April, dropped 6% year over year to about $3.3 billion. This number was expected.
Largely thanks to some improvement to its gross profit margin, Gap's net income greatly improved in Q1 compared to the same quarter of last year. In Q1, it had a net loss of $18 million, whereas its net loss was $162 million last year. And on an adjusted basis, Gap squeaked out a profit, which was better than the market expected and led to today's pop.
Source Fool.com