Gap projected that its revenue would decline in first quarter after holiday-period sales came in below pre-pandemic levels
, which are facing headwinds from rising inflation to a lingering labor crunch to global unrest spurred by Russia's invasion of Ukraine.
Gap said its gross margins contracted to 33.7% in the fourth quarter, falling short of analysts' estimates for 35.2%, according to StreetAccount. Gap said the metric was pressured by higher air freight costs, which were partially offset thanks to the company selling more hoodies and denim at full price points.
Gap swung to a loss in the three-month period ended Jan. 29 of $16 million, or 4 cents per share, compared with net income of $234 million, or 61 cents a share, a year earlier. Revenue grew about 2% to $4.53 billion from $4.42 billion a year earlier. That beat estimates for $4.49 billion. Compared with 2019 levels, however, Gap said its sales were down 3%. That was partially due to ongoing and planned store closures.
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