While announcing its Q3 2022 financial results American retailer GAP Inc with portfolio including brands such as GAP, Banana Republic, Old Navy and Athleta pledged to be “prudent” amid changing consumer behaviour.
“While our third quarter results underscore the initial progress, we are making towards rebalancing our assortments and reducing inventories, we continue to take a prudent approach in light of the uncertain consumer and increasingly promotional environment as we look to the remainder of fiscal 2022,” said Katrina O’Connell, Executive Vice President and Chief Financial Officer, GAP Inc.
During Q3 2022 GAP Inc’s recorded net sales of $4.04 billion, up 2% compared to last year. Online sales increased 5% compared to last year and represented 39% of total net sales. Store sales increased 1% compared to last year. The company ended the quarter with 3,380 store locations in over 40 countries, of which 2,743 were company operated.
“In the near-term, we remain focused on the actions necessary to reduce inventory, rebalance our assortments to better meet changing consumer needs, aggressively manage and re-evaluate our investments and fortify our balance sheet. While we have work to do, we believe we are taking the right steps in order to position GAP Inc. for sustainable, profitable growth and to deliver value for our shareholders over the long term,” O’Connell added.
Meanwhile, Bob Martin, Executive Chairman and Interim CEO, GAP Inc. stated, “I have deep conviction that we have a portfolio of iconic brands that our customers love, increased confidence in our platform to drive leverage and economies of scale and belief in the team’s ability to deliver. We have sharpened our focus on execution to optimise profitability and cash flow, are bringing more rigour to our operations and balancing our assortments in response to what our customers are telling us. While our efforts show early signs of improvement, we are clear that there is work to be done to deliver what our customers, employees and shareholders expect from GAP Inc.”
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