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People walk past the entrance of a Gap store in Paris, France, July 1, 2021. Sarah Meyssonnier | Reuters New tariffs could impact Gap‘s business by $100 million to $150 million, if they remain in effect, the company said Thursday when announcing fiscal first-quarter earnings.  Shares fell more than 15% in after-hours trading. In a news release, Gap said new 30% duties on imports from China and a 10% levy on imports from most other countries will cost the company between $250 million and $300 million without mitigation efforts. For now, it’s leaving that impact out of its guidance.  Gap said it’s already mitigated about half of those costs and without further action, the cost is expected to be between $100 million and $150 million, which will likely show up on the balance sheet in the back half of the year. The company said it’s going to build on its mitigation efforts by continuing to diversify its supply chain and reducing its exposure to China. CEO Richard Dickson said on a conference call with investors Thursday that the company is planning to buy more cotton from the U.S. to help mitigate the tariff impact. “Based on what we know today, we do not expect there to be meaningful price increases or impact to our consumer,” Dickson told CNBC in an interview. “I’ve talked about this often: We truly believe that strong brands can win in any market. It’s a big industry. It’s a big market. Obviously we’re a big player with market share, but as we look ahead, we see the potential to further market our brands and gain share.” Beyond tariffs, Gap issued fiscal first-quarter results that beat expectations on the top and bottom lines. Here’s how the apparel company performed compared with what Wall Street was anticipating, based…

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Filed under: News - @ May 30, 2025 1:20 pm