Gap reports higher earnings and comparable sales in Q4

San Francisco based apparel retailer Gap maintained growth momentum in the fourth quarter of 2024 with comparable sales increase of 3 percent. Net income increased to 206 million dollars and diluted earnings per share to 54 cents versus 185 million dollars and 50 cents reported in the previous year.

However, net sales of 4.1 billion dollars were down 3 percent compared to last year, store sales decreased 4 percent and online sales decreased 2 percent.

“We ended the year delivering another successful quarter, exceeding financial expectations and gaining market share for the 8th consecutive quarter,” said president and chief executive officer, Richard Dickson.

Looking ahead at fiscal year 2025, Gap expects net sales to grow between 1 percent to 2 percent, while first quarter net sales are expected to remain flat or see a slight increase. As a part of its strategic plan the company intends to close around 45 stores during the year.

“Looking ahead, 2025 represents an exciting step in our ongoing transformation as we continue to drive toward becoming a high performing house of iconic American brands that delivers long-term value for our shareholders,” Dickson said.