==Gap (GPS) to change its ticker symbol to "GAP"

• Gap to change its ticker symbol to "GAP", effective August 22; will continue to trade on NYSE 

-=== Gap (GPS) reported earnings on Thur 30 May 24 (a/h)

• 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.

Earnings this week : May 27 - 31, 24 (wk 22)

Monday (May 27) : Memorial Day holiday

Tuesday (May 28)

• Morning: BZUN MOMO
• Afternoon: APPS  BOX CAVA HEI  OOMA

Wednesday (May 29)

• Morning: ANF AAP AEO  BMO  CHWY CMCO DKS
• Afternoon: A  AEO AI CDRO CPRI CRM HPQ NCNO NTNX OKTA PATH PSTG SSYS

Thursday (May 30) 

• Morning: BBY BIRK BURL CAL CBRL DG FL HRL KSS ROIV SPTN
• Afternoon: AMBA ASAN COO COST DELL ESTC GPS  HCP MRVL MDN NTAP JWN PD PHR S ULTA VEEV ZS

Friday (May 31)

• Morning: GCO
• Afternoon: FRO

Unusual Options Activity Fri 5/24/24

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.
Bullish Call Activity:

• AI Weekly May31 26.5 calls (volume: 12.7K, open int: 880, implied vol: ~80%, prev day implied vol: 60%). 11.7K traded in a single transaction. Co is confirmed to report earnings May 29 after the close.
• GPS Weekly May31 25 calls (volume: 2010, open int: 750, implied vol: ~72%, prev day implied vol: 56%). Co is confirmed to report earnings May 30 after the close.
• MRVL Jun 84 calls (volume: 1620, open int: 70, implied vol: ~51%, prev day implied vol: 46%). Co is confirmed to report earnings May 30 after the close.
• WDAY Weekly May24 235 calls are seeing interest with the underlying stock down 14% (volume: 3750, open int: 10, implied vol: ~26%, prev day implied vol: 24%). Co reported earnings last night.
  

Bearish Put Activity:

• ORCL Weekly May24 123 puts (volume: 2140, open int: 2740, implied vol: ~33%, prev day implied vol: 29%). Co is expected to report earnings mid-June.
• PZZA Jul 47.5 puts (volume: 5520, open int: 5550, implied vol: ~34%, prev day implied vol: 32%). 5230 contracts traded in a single transaction. We noted activity in the Jun 57.5 puts earlier in the week (see 5/23 13:17 OPTNX). Co is expected to report earnings early August.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.90, VIX: (12.19, -0.58, -4.6%).

June 21 is options expiration -- the last day to trade June equity options. 

-=== Gap (GPS) reported earnings on Thur 7 March 24 (a/h)

 

Gap beats by $0.26, beats on revs; guides Q1 revs above consensus; guides FY25 revs in-line

• Reports Q4 (Jan) earnings of $0.49 per share, $0.26 better than the FactSet Consensus of $0.23; revenues rose 1.3% year/year to $4.3 bln vs the $4.22 bln FactSet Consensus.
  • Comparable sales were flat year-over-year.
    • Old Navy Comparable sales were up 2%.
    • Gap Comparable sales were up 4%.
    • Banana Republic Comparable sales were down 4%.
    • Athleta Comparable sales were down 10%
• Co issues upside guidance for Q1, sees Q1 revs roughly flat, which translates to ~$3.3 bln vs. $3.27 bln FactSet Consensus.
• Co issues in-line guidance for FY25, sees FY25 revs roughly flat, which translates to ~$14.9 bln vs. $14.89 bln FactSet Consensus.

Unusual Options Activity, Mon 5/22/23

The following options are exhibiting notable trading, potentially indicating changing sentiment toward the underlying stocks, and/or potentially representing positioning for increased volatility.

Bullish Call Activity:

• MRSN Jul 10 calls (volume: 2230, open int: 0, implied vol: ~169%, prev day implied vol: 121%). 2K traded in a single transaction. Co will present at an ASCO conference on June 3. Co is expected to report earnings early August.
• SNDL May 2 calls are seeing interest with the underlying stock up 8% (volume: 5120, open int: 700, implied vol: ~108%, prev day implied vol: 80%). Co is expected to report earnings early August.
  
• Direxion Daily S&P Biotech Bull 3x ETF (LABU) May 7 calls are seeing interest with the underlying stock up 7% (volume: 2190, open int: 3820, implied vol: ~93%, prev day implied vol: 80%).

Bearish Put Activity:

• GPS May 7 puts (volume: 1870, open int: 180, implied vol: ~163%, prev day implied vol: 130%). Co is confirmed to report earnings May 25 before the open.
• QRTEA Jun 1 puts (volume: 1250, open int: 0, implied vol: ~130%, prev day implied vol: 108%). 1950 contracts traded in a single transaction. Co is expected to report earnings late July.
  

Sentiment: The CBOE Put/Call ratio is currently: 0.90, VIX: (17.04, +0.23, +1.4%).
June 16 is options expiration -- the last day to trade June equity options.

This week's biggest % winners & losers : November 23 - 27, 20 (wk 48)

The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top % gainers

• Healthcare: NVAX (124.14 +43.43%), RYTM (29.71 +39.03%), ACB (9.79 +37.24%)
• Industrials: BE (25.67 +37.49%)
• Consumer Discretionary: EXPR (1.59 +39.25%)
• Information Technology: APPN (190.9 +52.65%)
• Energy: NINE (2.57 +57.36%), RIG (2.13 +53.99%), TELL (1.62 +47.27%), CLNE (4.94 +41.95%), BTU (1.58 +35.04%), QEP (1.76 +35%), FTSI (19 +34.66%), BPT (2.25 +30.81%)

This week's top % losers

• Healthcare: PEN (226.48 -12.61%), STAA (73.14 -11.05%), IMGN (5.45 -9.02%), ARWR (62.76 -8.79%), CSLT (1.2 -7.36%), RTRX (23.11 -7.08%), BHVN (91.35 -6.92%), CDNA (56.99 -6.85%)
• Materials: SVM (5.99 -16.46%), GFI (8.75 -9.33%), HMY (4.23 -9.23%), BVN (10.74 -7.89%)
• Industrials: DY (62.75 -15.45%)
• Consumer Discretionary: GPS (21.61 -11.35%)
• Financials: GNW (4.16 -10.26%), SQQQ (17.87 -8.2%)
• Energy: NGL (2.27 -14.66%), HPR (10.88 -6.77%)

-= Gap (GPS) reported earnings on Tue 24 Nov 2020 (a/h)

 

Gap appoints Asheesh Saksena as Chief Growth Officer; names Sandra Stangl as new CEO of Banana Republic

Gap reports Q3 results, beats on revs, comparable sales up 5%, assumes Q4 net sales will be equal to or slightly higher than last year 

Reports Q3 (Oct) GAAP earnings of $0.25 per share. The S&P Capital IQ Consensus is $0.33.

Revenues fell 0.1% year/year to $3.99 bln vs the $3.8 bln S&P Capital IQ Consensus.

Comparable sales were up 5%, driven by the strength of Gap's scaled e-commerce business, which was driven by a 61% increase in online sales.

• Old Navy Global net sales increased 15%, with comparable sales up 17%.
• Gap Global net sales were down 14% and comparable sales were down 5%.
• Banana Republic Global net sales were down 34%, a slight improvement versus the second quarter. Comparable sales were down 30%.

2020 Financial Outlook: Recognizing the continued high level of uncertainty in the marketplace, the company is not providing a fiscal year earnings outlook.

Holiday Shopping Season/Q4 assumptions: Behind the continued investment in digital capabilities, including the third quarter launch of its loyalty program, the company believes it is well-positioned heading into the holiday shopping season.General assumptions for the fourth quarter include:

• Net sales being equal to or slightly higher than last year.
• Gross margin rate being equal to last year, reflecting continued benefits of store closures largely offset by higher shipping expenses.

Earnings this week : November 23 - 27, 20 (wk 48)

 Monday (Nov 23)

• Morning:  BZUN KFY TWST WMG
• Afternoon: A AMBA CBT ENTA NTNX URBN

Tuesday (Nov 24)

• Morning: ANF AMWD ADI PLAN BBY BURL CHS SJM DKS DLTR DY EV HRL MDT TIF TITN
• Afternoon:  AEO ADSK DELL GPS HPQ JWN PSTG VMW

Wednesday (Nov 25)

• Morning:  DE FRO

Thursday (Nov 26)

• Holiday

Friday (Nov 27)  

• None

This week's biggest % winners & losers : Feb. 25 - March 1, 19 (wk 9)

The following are this week's top percentage gainers and losers, categorized by sectors (over $300 mln market cap and 100K average daily volume).

This week's top 20 % gainers

• Healthcare: ONCE (113.28 +119.71%), TGTX (7.21 +51.15%), PBYI (38.93 +45.91%), TNDM (69.24 +43.29%), QURE (57.31 +37.76%), HZNP (28.18 +32.92%), GH (70.59 +30.41%), BOLD (34.16 +30.03%), APLS (18.31 +28.76%), SLDB (11.35 +26.67%), CRSP (39.97 +26.21%), NTLA (16.92 +24.96%), LXRX (6.81 +23.59%), XRAY (49.13  +18.02%)
• Industrials: HSII (43.27 +27.98%), SNHY (49.53 +27.85%)
• Information Technology: ZS  (60.57  +21.68%)
• Consumer Discretionary: FTCH (28.82 +42.67%), ETSY (72.77 +28.41%), JCP (1.54 +25.2%), GPS (29.51  +19.18%)

This week's top 20 % losers

• Healthcare: NVAX (0.7 -63.41%), IMGN (2.51 -56.2%), CTMX (10.98 -38.97%), CRBP (6.3 -26.57%), INGN (106.97 -25.37%), SYNH (43.41 -22.06%), MEDP (54.74 -21.78%)
• Industrials: NCI (20.06 -25.62%), DY (46.87 -25.43%)
• Information Technology: NTNX (33.7 -36.51%), BNFT (46.04 -23.27%)
• Financials: UVE (32.8 -18.99%), HIIQ (37.21 -18.56%)
• Energy: ALTM (5.57 -31.74%), CDEV (9.27 -26.14%), SMLP (10.41 -18.93%)
• Consumer Staples: ELF (7.95 -19.29%)

====Gap (GPS) reported earnings on Thur 28 Feb 19 (a/h)

• Gap (GPS) is soaring in after-hours trading on Thursday, following an announcement that it plans to split off Old Navy into a stand-alone company.

Gap beats by $0.03, misses on revs; guides FY19 EPS in-line; plans to separate into two publicly traded companies: Old Navy, and a yet-to-be-named company to include Gap, Athleta, Banana Republic, Intermix and Hill City 

• Reports Q4 (Jan) earnings of $0.72 per share, $0.03 better than the S&P Capital IQ Consensus of $0.69; revenues fell 3.2% year/year to $4.62 bln vs the $4.69 bln S&P Capital IQ Consensus. the company's fourth quarter comparablesales were down 1% compared with a 5% increase last year
  • Old Navy comps were flat
  • Gap comps were negative 5%
  • Banana Republic comps were negative 1%
• Co issues in-line guidance for FY19, sees EPS of $2.40-2.55, excluding non-recurring items, vs. $2.55 S&P Capital IQ Consensus. The company expects comparable sales for fiscal year 2019 to be flat to up slightly.
• GPS also announced plans to separate into two publicly traded companies: Old Navy, and a yet-to-be-named company ("NewCo"), which will consist of the iconic Gap brand, Athleta, Banana Republic, Intermix and Hill City.
• The company announced a plan today to restructure the specialty fleet, including the closure of about 230 Gap specialty stores over the next two years.
• The company estimates an annualized sales loss of approximately $625 million as a result of these store closures. Additionally, the company estimates pre-tax costs associated with these actions to be about $250 million to $300 million, with the majority expected to be cash expenditures. The company estimates that these actions will result in annualized pretax savings of about $90 million.

=Gap (GPS) reported earnings on Thur 24 May 18 (a/h)

Gap misses by $0.04, beats on revs; reaffirms FY19 EPS & comp guidance; Q1 comps +1% 

• Reports Q1 (Apr) earnings of $0.42 per share, excluding non-recurring items, $0.04 worse than the Capital IQ Consensus of $0.46; revenues rose 10.0% year/year to $3.78 bln vs the $3.6 bln Capital IQ Consensus; Q1 comps +1% versus +2% last year
• Coreaffirms guidancefor FY19, sees EPS of $2.55-2.70, excluding non-recurring items, vs. $2.62 Capital IQ Consensus Estimate. The company continues to expect comparable sales for fiscal year 2018 to be flat to up slightly.

=Gap (GPS) reported earnings on Thur 1 March 2018 (a/h)

Gap beats by $0.02, beats on revs; comps +5%; guides FY19 EPS above consensus; increases quarterly dividend to $0.2425/share from $0.23/share.

• Reports Q4 (Jan) earnings of $0.61 per share, excluding non-recurring items, $0.02 better than the Capital IQ Consensus of $0.59; revenues rose 7.9% year/year to $4.78 bln vs the $4.68 bln Capital IQ Consensus.
• Comps:
  • Old Navy Global: positive 9 percent versus positive 5 percent last year 
  • Gap Global: flat versus flat last year 
  • Banana Republic Global: positive 1 percent versus negative 3 percent last year
• Increases quarterly dividend to $0.2425/share from $0.23/share.
• Co issues upside guidance for FY19, sees EPS of $2.55-2.70 vs. $2.34 Capital IQ Consensus Estimate.
  • Comparable sales are expected to be flat to up slightly.
• "We are positioning the company for long term growth," said Teri List-Stoll, executive vice president and chief financial officer, Gap Inc. "In addition to leveraging productivity initiatives to fund investments in the business, recent tax reform changes provide a meaningful increase in future earnings."

=Gap (GPS) reported earnings on Thur 16 Nov 17 (a/h)

Gap beats by $0.04, beats on revs; raises FY18 EPS and comp guidance

• Reports Q3 (Oct) earnings of $0.58 per share, excluding non-recurring items, $0.04 better than the Capital IQ Consensus of $0.54; revenues rose 1.1% year/year to $3.84 bln vs the $3.76 bln Capital IQ Consensus. 
• Comps +3% versus +1.1% estimates and a 1% decrease last year, which excluded an estimated negative impact from the Fishkill distribution center fire of ~2%.
  • Old Navy Global: positive 4% versus positive 4% last year, excluding an estimated negative impact from the Fishkill distribution center fire of ~1%.
  • Gap Global: positive 1% versus negative 4% last year, excluding an estimated negative impact from the Fishkill distribution center fire of ~4%.
  • Banana Republic Global: negative 1% versus negative 6% last year, excluding an estimated negative impact from the Fishkill distribution center fire of ~2%.
• Co issues upside guidance for FY18, raises EPS to $2.08-2.12 from $2.02-2.10, excluding non-recurring items, vs. $2.06 Capital IQ Consensus. The company now expects comparable sales for fiscal year 2017 to be up low-single-digits (from flat to up slightly previously).  

Gap (GPS) tumbles Fri 8 Apr 2016

Gap shares fell after the retailer reported that its same-store sales were down 6 percent in March versus a 2 percent increase last year. While comparable sales improved year-over-year for the Gap and Old Navy brands, Banana Republic reported a 14 percent drop in same-store sales, versus a 3 percent decrease last year.

The company also said that it is entering April with "more inventory than planned" which it expects will pressure its gross margins for the first quarter.

=Gap (GPS) reported earnings on Thur 25 Feb 2016 (a/h)

Gap reports EPS in-line, misses on revs; guides FY17 EPS in-line; Announces $1 bln share repurchase, notes debt repayment will supersede buyback in 2016  :

• Reports Q4 (Jan) earnings of $0.57 per share (Preannounced 2/8), excluding non-recurring items, in-line with the Capital IQ Consensus of $0.57; revenues fell 6.9% year/year to $4.38 bln vs the $4.47 bln Capital IQ Consensus.
• The company's fourth quarter fiscal year 2015 comparable sales were down 7 percent (Preannounced 2/8) versus positive 2 percent last year.
• Comparable sales by global brand for fiscal year 2015 were as follows:
  • Gap Global: negative 6 percent versus negative 5 percent last year
  • Banana Republic Global: negative 10 percent versus flat last year
  • Old Navy Global: flat versus positive 5 percent last year
• At the end of the fourth quarter of fiscal year 2015, inventory dollars per store were about flat, in line with the company's previous guidance.
• Co issues in-line guidance for FY17, sees EPS of $2.20-2.25 vs. $2.42 Capital IQ Consensus Estimate.

==Gap (GPS) reported earnings Thu 19 Nov 2015 (after close)

** charts before earnings **



** charts after earnings **

Gap reports EPS & revs, and comps in line with pre-announcement; lowers FY16 EPS below consensus :

• Reports Q3 (Oct) earnings of $0.63 per share, excluding non-recurring items, in-line with the Capital IQ Consensus of $0.63; revenues fell 2.9% year/year to $3.86 bln vs the $3.93 bln Capital IQ Consensus (in line with pre-announcement of $0.62-0.63 for EPS and $3.86 billion) for revs)
• Co issues lowered guidance for FY16, sees EPS of $2.38-2.42 from $2.75-2.80 vs. $2.52 Capital IQ Consensus Estimate. Co's adjusted EPS guidance range and adjusted operating margin for FY15 exclude charges associated with the strategic actions, which continue to be estimated at ~$130 million to $140 million.
• Comps Pre-announced on November 9th: Gap Inc.'s comparable sales for Q3 were down 2% versus a 2% decrease last year. Comparable sales by global brand for Q3 were as follows: Gap Global: negative 4% versus negative 5% last year Banana Republic Global: negative 12% versus flat last year Old Navy Global: positive 4% versus positive 1% last year.