Gap Inc (NYSE:GPS) is trading higher Friday after the company reported better-than-expected financial results.
Gap said fourth-quarter revenue increased 2% year-over-year to $4.53 billion, which beat the $4.49 billion estimate. The company reported a quarterly earnings loss of 4 cents per share, which beat the estimate for a loss of 14 cents per share.
"As our teams address near-term disruption from the acute headwinds that muted our fourth quarter performance, we are confident in our ability to execute against our long-term strategy, capitalizing on our investments in demand-generation, customer loyalty and artificial intelligence to accelerate profitable growth," said Sonia Syngal, CEO of Gap.
Gap expects full year 2022 adjusted earnings to be between $1.85 per share and $2.05 per share versus the estimate of $1.86 per share.
- JPMorgan analyst Matthew Boss maintained Gap with a Neutral rating and raised the price target from $17 to $20.
- Credit Suisse analyst Michael Binetti maintained Gap with a Neutral rating and lowered the price target from $20 to $16.
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GPS Price Action: Gap has traded between $13.12 and $37.63 over a 52-week period.
The stock was up 7.44% at $15.31 at time of publication.
Photo: courtesy of Gap.
