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Gap’s fiscal second-quarter revenue came in lighter than expected on Thursday but sales at Banana Republic far exceeded expectations as the brand’s turnaround begins to show results.  The specialty apparel company behind Old Navy, Athleta, Banana Republic and its namesake banner saw comparable sales rise 1% during the quarter, weaker than the 1.9% rise that analysts had expected, according to StreetAccount. Overall revenue also missed expectations, while earnings per share came in better than estimates.  Shares of Gap fell roughly 7% in after-hours trading. While Gap, Banana Republic and Old Navy all saw comparable sales rise during the quarter, Athleta dragged down the company’s overall performance with comps down 9%.  “Clearly, Athleta is a powerful brand in the active space, being the number five brand in the space, but we’re disappointed in the quarter. We have moved away, if you will, from really distinctive performance roots,” CEO Richard Dickson told CNBC in an interview. “We’ve paid a lot of attention, trying to court a new customer, and ultimately didn’t have enough offerings for our core customer. As we balance that out, we’ve been very transparent to say it’s a year of reset for us.”  Last month, Gap announced that Maggie Gauger, a longtime veteran of Nike, had been tapped as Athleta’s next CEO — the third top executive hired to helm the brand in the last two years.  Here’s how Gap performed in the quarter compared with what Wall Street was anticipating, based on a survey of analysts by LSEG: Earnings per share: 57 cents vs. 55 cents expected Revenue: $3.73 billion vs. $3.74 billion expected The company’s reported net income for the three-month period that ended Aug. 2 was $216 million, or 57 cents per share, compared with $206 million, or 54 cents per share, a year earlier.  Sales…

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Filed under: News - @ August 28, 2025 8:26 pm