Gap (GPS) reported Q4 FY2023 loss of $0.75 per share (versus -$0.02 per share in Q4 FY2022), worse than analysts’ consensus estimate of -$0.46 per share.
The company’s quarterly revenues amounted to $4.243 bln (-6.20% y/y), missing analysts’ consensus estimate of $4.367 bln.
The company also issued downside guidance for Q1 FY2024, seeing revenues decreasing mid-single digits y/y versus of +1% y/y.
For the full FY2024, the company sees revenues decreasing low to mid-single digits y/y versus +2.4% y/y.
GPS fell to $10.79 (-6.82%) in pre-market trading.