Gap halts trading of its stock after early release of Q2 results, as the retailer prepares to post sales growth

Published On Aug 29, 2024, 11:18 AM

Gap Inc. reported a strong recovery in its second-quarter results, with revenues of $3.72 billion and adjusted earnings per share of $0.54, surpassing estimates and indicating positive growth in sales and margins. The company has successfully revived sales in its Old Navy and Gap brands, though its premium Athleta brand continues to struggle. Despite challenges in the retail market, management remains cautiously optimistic about future growth, reiterating a slight growth outlook for fiscal 2024. Trading was temporarily halted after an administrative error revealed earnings ahead of the scheduled announcement, but shares rose 2% post-resumption.