Gap Inc (NYSE: NYSE:GPS) reported fourth quarter and full fiscal year results after market close Thursday. Here are the key highlights.
What Happened: Gap reported fourth-quarter net sales of $4.53 billion, up 2% year-over-year, which beat the consensus estimate of $4.49 billion, according to Benzinga Pro.
Comparable sales were up 3% year-over-year. Fourth-quarter online sales were up 44% compared to the same period in 2019 and made up 43% of total revenue for the quarter.
Gap reported an adjusted net loss of 2 cents per share in the fourth quarter, which came in ahead of a Street estimate of a loss of 14 cents per share.
Related Link: Gap Shares Could Move This Much After Q4 Earnings
What’s Next: The company highlighted its partnerships with Walmart Inc (NYSE: NYSE:WMT) for Gap Home and a partnership with Kanye West.
The relaunch of the Banana Republic brand was highlighted with higher basket size and increased average unit retail growth. The brand is also expanding into the baby category with the launch of BR Baby.
Athletic brand Athleta saw fiscal 2021 sales up 48% compared to 2019. The brand is on track to hit $2 billion in annual sales by fiscal 2023, according to the company.
For fiscal 2022, Gap is guiding for adjusted earnings per share in a range of $1.85 to $2.05, versus an estimate of $1.86.
For revenue, Gap sees low-single-digit growth for fiscal 2022. First-quarter revenue is guided to be down mid to high-single digits year-over-year.
GPS Price Action: Gap shares are up 10% to $15.73 in after-hours trading.
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