×
6 668
Fashion Jobs
HOLLISTER CO. STORES
Hollister CO. - Graduate Manager in Training, Stratford (Westfield)
Permanent · London
HOLLISTER CO. STORES
Hollister CO. - Graduate Manager in Training, White City London (Westfield)
Permanent · London
SELFRIDGES
Tech Business Analyst - Customer & Omni
Permanent · LONDON
NEXT
Sales Manager - Coventry Arena RP
Permanent · COVENTRY
EVERLAST GYMS
Assistant General Manager - Everlast Fitness
Permanent · SELBY
EVERLAST GYMS
Assistant General Manager - Everlast Fitness
Permanent · EPSOM
EVERLAST GYMS
General Assistant - Everlast Gyms
Permanent · SALE
EVERLAST GYMS
Assistant General Manager - Everlast Fitness
Permanent · DENTON
FRASERS GROUP
Warehouse Section Manager - Night Shift
Permanent · SHIREBROOK
VIVIENNE WESTWOOD
PA to Creative Director
Permanent · LONDON
DR. MARTENS
eu HR Administrator - French And/or German Speaking
Permanent · LONDON
HARRODS
Cleaning Operative- Day or Night
Permanent · LONDON
HARRODS
Uniform Security Officer (Cctv Operator)
Permanent · LONDON
FLANNELS
Beauty Brand Manager - Pat Mcgarth
Permanent · BELFAST
HUGO BOSS UK LTD.
Sales Executive - Shoes & Accessories + Bodywear & Hosiery
Permanent ·
HUGO BOSS UK LTD.
Womenswear Sales Manager
Permanent ·
HUGO BOSS UK LTD.
Ecommerce Marketplace Manager Northern Hub
Permanent ·
HUGO BOSS UK LTD.
Finance Manager (Maternity Contract)
Permanent ·
HUGO BOSS UK LTD.
Sales Executive Boss Menswear
Permanent ·
GANT
Brand Consultant - Full Time - Gant House of Fraser Manchester - mw/lw
Permanent · MANCHESTER
CANADA GOOSE
Security Ambassador, Full-Time
Permanent · MANCHESTER
NEXT
Delivery Coordinator - Northampton Outlet
Permanent · NORTHAMPTON
Ads
By
Reuters
Published
Mar 4, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Gap says earnings set for strong 2022 as social events return

By
Reuters
Published
Mar 4, 2022

Gap Inc on Thursday forecast 2022 earnings above estimates, betting on strong demand for its Old Navy and Athleta clothing brands as Americans return to offices and social events thanks to declining Omicron cases.


Gap


Shares of the apparel retailer jumped 7.2% to $15.67 in extended trading, as it also posted a smaller-than-expected loss for the fourth quarter.

Many apparel chains have struggled to keep up with rising demand though, as port congestion and tight capacity delay shipments.

Gap has had to use pricier air freight to bring in goods, and said its inventory at the end of the first quarter would rise in the mid-20s percentage range as it orders early to counter longer in-transit times.

"(Customers are) leaning into categories like dresses or new silhouettes and pants for back-to-work ... as well as denim with new leg shapes. It's a pretty radical change from last year," Chief Executive Sonia Syngal said on an earnings call.

Gap forecast fiscal 2022 adjusted earnings per share between $1.85 and $2.05, above Refinitiv IBES estimates of $1.86.

It also expects to benefit from tie-ups with Walmart to sell home goods and with rapper Kanye West to launch new styles.

The strong outlook contrasts those from rivals Abercrombie & Fitch and American Eagle Outfitters, which have warned of freight expenses pressuring their margins in the first half of 2022.

In the near term, Gap is not immune to the industry-wide supply snags either.

The Banana Republic parent, whose comparable sales growth in the quarter ended Jan. 29 missed estimates, indicated that sales pressure had continued into the current quarter.

It projected net sales to fall in the mid- to high-single-digit percentage range, compared with estimates for a 3.8% decline.

© Thomson Reuters 2022 All rights reserved.