Gap Reports 5% Sales Increase in Q2

Gap Inc. posted strong Q2 fiscal 2024 results, surpassing both earnings and revenue expectations. The company reported earnings of $0.54 per share, up from $0.32 last year, and net sales of $3.72 billion, a 5% increase year-over-year. This marks the sixth consecutive quarter of market share gains, driven by the performance of Old Navy and the namesake Gap brand, although Banana Republic's sales remained flat and Athleta saw a slight decline. CEO Richard Dickson highlighted the company's ongoing brand reinvigoration and operational improvements. The positive results led to a 3% rise in Gap's stock price after the early release of the earnings report.