Gap Inc reported robust second quarter fiscal 2024 results, with net sales increasing 5% to $3.72 billion compared to $3.55 billion in Q2 2023. Net income jumped 76% to $206 million from $117 million last year, while diluted earnings per share rose to $0.54 from $0.32. Gross margin expanded significantly to 42.6% from 37.6% in the prior year period.Old Navy led brand performance with 5% comparable sales growth, while Gap Global saw a 3% increase. The company's strategic focus on inventory management showed results with merchandise inventory down 5% year-over-year. Operating income nearly tripled to $293 million from $106 million, reflecting improved operational efficiency and lower commodity costs.The company maintained strong liquidity with $1.9 billion in cash and cash equivalents plus $246 million in short-term investments. Gap's digital transformation continued to progress with online sales growing 7% compared to last year. The company also declared a quarterly dividend of $0.15 per share, demonstrating confidence in its financial position and commitment to shareholder returns.

Gap Inc reported robust second quarter fiscal 2024 results, with net sales increasing 5% to $3.72 billion compared to $3.55 billion in Q2 2023. Net income jumped 76% to $206 million from $117 million last year, while diluted earnings per share rose to $0.54 from $0.32. Gross margin expanded significantly to 42.6% from 37.6% in the prior year period.Old Navy led brand performance with 5% comparable sales growth, while Gap Global saw a 3% increase. The company's strategic focus on inventory management showed results with merchandise inventory down 5% year-over-year. Operating income nearly tripled to $293 million from $106 million, reflecting improved operational efficiency and lower commodity costs.The company maintained strong liquidity with $1.9 billion in cash and cash equivalents plus $246 million in short-term investments. Gap's digital transformation continued to progress with online sales growing 7% compared to last year. The company also declared a quarterly dividend of $0.15 per share, demonstrating confidence in its financial position and commitment to shareholder returns.