- Wed 5/29; #1; vol. 12.4M
Reports Q1 (Apr) results, beats on revs, comps up +3%; projects Q2 and FY24 net sales growth in-line with consensus
- Gap shares surged more than 23% in late trade Thursday after the clothing and accessories retailer topped analysts' quarterly expectations and raised its full-year outlook.
- Comparable store sales in the quarter rose 3% from a year earlier, driven by each of Gap’s four brands posting positive same store sales in the period.
- New CEO Richard Dickson has led an ambitious turnaround plan that has seen the retailer work on improving its operational efficiency and reposition the company’s brands.
- Gap shares may run into overhead resistance around $28.50 near their March 2024 high.
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