Gap said Old Navy's sales fell after hurricanes led to store closures and warm weather deterred sales in its kids category.
Gap raised its guidance ahead of the holiday shopping season as it touted a "strong start" to the all-important fourth quarter.
Gap, which runs Old Navy, Banana Republic, Athleta and its namesake banner, is now expecting fiscal 2024 sales to be up between 1.5% and 2%, compared to previous guidance of "up slightly." That's ahead of the 0.4% growth that LSEG analysts had expected, and bodes well for the all-important holiday shopping season, which is now underway.
Gap's reported net income for the three-month period that ended Nov. 2 was $274 million, or 72 cents per share, compared with $218 million, or 58 cents per share, a year earlier.Across Gap's business, unseasonably warm weather impacted sales by about 1 percentage point during the quarter, while storms and hurricanes led overall store sales to fall by 2%, CEO Richard Dickson told CNBC in an interview.
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