Gap’s quarterly merchandise margin increased by 610 basis points on an adjusted basis due to lower air freight expenses and improved promotional activity
The company has seen two consecutive quarters of lower inventory as it works to clear excess apparel purchased last year. Inventory volumes declined 27 per cent from a year earlier, according to Chief Financial Officer Katrina O’Connell.
Since September, the retailer has eliminated about 2,300 corporate positions in two rounds of layoffs, joining a set of big U.S. companies that are downsizing in earnest as high inflation eats into consumer wallets. The company will have closed about 350 underperforming Gap and Banana Republic stores by the end of the year and plans to open fewer stores this year than projected, O’Connell said.
“Now you really need Athleta and Old Navy, which are the growth drivers, to return to growth, but I have pretty little confidence in that happening in the near term.”
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