The Gap, Inc. Provides Sales Guidance for the Second Quarter of Fiscal 2022
July 11, 2022 at 04:32 pm EDT
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The Gap, Inc. provided sales guidance for the second quarter of fiscal 2022. The company is expecting net sales in the second quarter fiscal 2022 to decline in the approximately high-single digit range, relatively in-line with its prior expectations. The company continues to navigate margin headwinds and, as previously communicated, still expects to incur an estimated $50 million of transitory incremental air freight expense in the quarter as well as inflationary costs on raw materials and freight.
In addition, it has taken a more aggressive approach to assortment balancing resulting in increased promotional activity during the quarter, which it expects will have a negative impact on gross margin in the quarter.
The Gap, Inc. is a specialty apparel company in America. The Company offers apparel, accessories and personal care products for women, men and children. Its Old Navy, Gap, Banana Republic, and Athleta brands offer clothing, accessories and lifestyle products for men, women and children. It is an omni-channel retailer, with sales to customers both in stores and online, through Company-operated and franchise stores, websites, and third-party arrangements. Its omni-channel services, including buying online pick-up in store, order-in-store, find-in-store, and ship-from-store, as well as enhanced mobile-enabled experiences, are tailored across its collection of brands. Gap includes adult apparel and accessories, GapKids, babyGap, Gap Maternity, GapBody, and GapFit collections. Banana Republic is a premium lifestyle retailer celebrating exploration and self-expression through timeless quality, versatile fabrics, and exceptionally made womenswear, menswear, and home designs.
THE GAP, INC. 
