Gap Inc. delivered strong Q2 fiscal 2024 results with net sales increasing 5% to $3.7 billion and comparable sales up 3% YoY. Operating margin improved significantly to 7.9%, up 490 basis points from last year. The company reported net income of $206 million and diluted EPS of $0.54.Old Navy led performance with 8% sales growth and 5% comparable sales increase, marking its fourth consecutive quarter of positive comps. Gap brand achieved 3% comparable sales growth, while Banana Republic sales remained flat. Athleta saw a 4% decline but is expected to return to positive growth for the remainder of the year.Based on strong Q2 performance, Gap raised its fiscal 2024 outlook, now projecting gross margin expansion of approximately 200 basis points and operating income growth in the mid to high 50% range. The company maintains a solid financial position with $2.1 billion in cash and equivalents, up 59% YoY, while inventory decreased 5% compared to last year.

Gap Inc. delivered strong Q2 fiscal 2024 results with net sales increasing 5% to $3.7 billion and comparable sales up 3% YoY. Operating margin improved significantly to 7.9%, up 490 basis points from last year. The company reported net income of $206 million and diluted EPS of $0.54.Old Navy led performance with 8% sales growth and 5% comparable sales increase, marking its fourth consecutive quarter of positive comps. Gap brand achieved 3% comparable sales growth, while Banana Republic sales remained flat. Athleta saw a 4% decline but is expected to return to positive growth for the remainder of the year.Based on strong Q2 performance, Gap raised its fiscal 2024 outlook, now projecting gross margin expansion of approximately 200 basis points and operating income growth in the mid to high 50% range. The company maintains a solid financial position with $2.1 billion in cash and equivalents, up 59% YoY, while inventory decreased 5% compared to last year.