Gap inc reports q1 loss per share $2.51

Reports first quarter results.q1 loss per share $2.51.q1 earnings per share estimate $-0.67 -- refinitiv ibes data.43% year-over-year qtrly sales decline driven by covid-19 related store closures.not providing comparable sales results for quarter because metric is not meaningful as a result of temporary store closures in period.qtrly old navy global net sales were down 42%.q1 results reflect a non-cash impairment charge of $484 million.qtrly gap global net sales were down 50%.qtrly banana republic global net sales were down 47%.not providing fiscal year net sales or earnings outlooks at this time.qtrly athleta net sales were down 8%.ended q1 2020 with $2.2 billion in merchandise inventory, down about 1% year over year.qtrly net sales $2,107 million versus $3,706 million.plans to reduce its capital expenditures for fiscal year by approximately 50%.expects capital spending to be approximately $300 million for fiscal year 2020.remains in active and ongoing discussions with its landlords.q1 2020 online sales channel increased 13%.q1 results reflect a $235 million non-cash inventory impairment charge.currently believes its new capital structure provides sufficient liquidity to navigate covid-19 pandemic.q1 revenue view $2.30 billion -- refinitiv ibes data.
GPS Ratings Summary
GPS Quant Ranking