The Gap, Inc. (GAP) Earnings Call Transcripts

The Gap, Inc.'s Latest Earnings Call - Q1 FY2027

In the first quarter of fiscal 2026, The Gap, Inc. reported net sales of $3.5 billion, a 1% year-over-year increase, with comparable sales up 2%. The company achieved adjusted earnings per share of $0.38, down from $0.51 in the prior year, reflecting challenges particularly in the Old Navy brand. Management has moderated its full-year revenue growth guidance to 1-2%, while raising earnings per share guidance to $2.30-$2.40, indicating confidence in operational improvements despite mixed brand performance.

Reported metrics

Guidance from management

Management has moderated its full-year revenue growth guidance to 1-2% while raising the earnings per share outlook to $2.30-$2.40, reflecting confidence in operational improvements despite mixed brand performance.

What management said

And then, Dana, as it relates to channels, in Q1, as you said, the store sales were up 3% year-over-year. We're really excited to see that traffic was up in stores. And then online declined, it was really very specific to the quarter related to two things. First of all, Athleta is our most digitally penetrated brand. And with their weaker performance that did weigh on the overall channel. And then in addition to that...

Sure. I would say the weighted average share count for Q2 is probably in that like 371 million range. And then right now, what is built into the 375 million is the $400 million that we've completed year-to-date.

What analysts pressed on

Analysts expressed concerns regarding the variability in brand performance, particularly the challenges at Old Navy and Athleta. There were questions about the effectiveness of product assortments and the impact of seasonal categories on overall sales performance.

Main topics on the call

• Brand Performance Variability — The performance across Gap's brands varied significantly, with Gap brand achieving a standout 10% comp sales increase, while Old Navy's comps were flat at 1%. Richard Dickson stated, "results at the brand level were more...
• Old Navy Challenges — Old Navy faced difficulties particularly in the women's dress category, leading to a moderated outlook for the brand. Dickson noted, "we did not execute as effectively and as a result, customers did not respond to our as...
• Gap Brand Growth — The Gap brand demonstrated strong growth with a 10% increase in comp sales, marking its tenth consecutive quarter of positive comps. Management emphasized that "product storytelling and brand relevance continue to streng...
• Earnings Guidance Update — Management raised the earnings per share guidance to $2.30-$2.40, reflecting confidence in operational improvements despite lower revenue expectations. Katrina O'Connell stated, "we are raising our earnings per share out...

Read the full The Gap, Inc. transcript (Q1 FY2027) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 45 The Gap, Inc. earnings call transcripts on record, spanning February 24, 2020 to May 28, 2026. Based on this history, The Gap, Inc. reports quarterly. The most recent call on file is dated May 28, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

GAP

Exchange

NYSE

Country

US

Sector

Consumer Discretionary

Industry

Specialty Retail

Calls on record

45

First call

February 24, 2020

Most recent

May 28, 2026

Reporting cadence

quarterly