2021-03-04 16:16:42 GPS Gap
03/04/21 03/0416:16 03/04/2116:16 | Gap reports Q4 EPS 61c, consensus 18cReports Q4 revenue $4.42B, consensus $4.66B. The company's diluted earnings per share was $0.61 for the fourth quarter of fiscal year 2020, including approximately $0.45 for non-recurring tax benefits and approximately $0.12 in impairment charges related to the Intermix business resulting from a strategic review. COVID-mandated store closures in international markets and softer store traffic in select U.S. regions with stay-at-home restrictions impacted sales by an estimated 4 percentage points. In addition, strategically planned permanent store closures had an estimated sales impact of about 5 percentage points. Online sales grew 49% compared with last year. Online represented 46% of net sales in the fourth quarter, which was an increase of over 17 percentage points versus last year. Store sales declined by 28% in the quarter, with impacts from COVID and strategic closures. Comparable sales for the quarter were flat. The comparable sales calculation reflects online sales and comparable sales days in stores that were open. "We faced one of the most difficult years in our company's history and, throughout, our teams showed resilience and determination as we navigated unprecedented disruption in our industry to set a course for long-term growth. Our powerful brands moved to offense with purpose-led marketing and strength in relevant categories, like Active and Fleece, allowing us to gain meaningful market share quarter-over-quarter in a fragmented environment. This was enabled by our $6 billion online business and advantaged digital capabilities allowing us to expand our reach to more than 183 million customers this year," said Sonia Syngal, Chief Executive Officer, Gap Inc. "We are focused on executing against our Power Plan 2023 and delivering profitable growth in 2021." |
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