Gap’s First-Quarter Earnings: The Hits and the Misses
This was the eighth consecutive top-line beat for the apparel retailer. While the company managed to outperform on the overall top line, it missed consensus same-store-sales expectations. Behind the softness in comps was the poor showing from the company’s namesake brand, Gap, which reported a 4% decline in comps versus consensus forecasts of a 0.4% decline.