Overview

• Gap reported fiscal first-quarter earnings per share of 51 cents versus 45 cents expected and revenue of $3.46 billion versus $3.42 billion anticipated.
• Trump administration tariffs on imports are projected to cost Gap $250 million to $300 million this year before mitigation cuts that burden to about $100 million–$150 million.
• Richard Dickson is shifting sourcing away from China and increasing U.S. cotton procurement to curb tariff risks without meaningful price hikes for customers.
• Comparable sales at stores open at least a year climbed 2% for a fifth consecutive quarter, led by Old Navy’s 3% gain and the Gap brand’s 5% increase.
• Banana Republic sales fell 3% to $428 million and Athleta declined 6% to $308 million as Gap focuses on brand revamps and inventory realignment.