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The company updated its full 2022-year guidance to reflect the negative impacts of industry-wide headwinds, challenges at Old Navy, as well a slowdown in China that is impacting Gap Brand.
The company expects 2022 EPS to be in the range of $0.30-$0.60, compared to the consensus estimate of $0.43. Revenue is expected to decline in the low to mid-single digit range year-over-year.
According Katrina O’Connell, Executive Vice President and CFO of Gap Inc (NYSE:GPS)., the company expects modest performance improvement in H2 and acceleration from the start of fiscal 2023.
By Davit Kirakosyan
