Gap Inc

GAP: XNYS (USA)

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Gap Earnings: Profitability Holds Despite Old Navy's Soft Sales; Shares Attractive

David Swartz

Aug 28, 2026

Gap's second-quarter same-store sales fell 1% as a 10% increase at its namesake (23% of sales) did not offset Old Navy's 4% decline (57%). Excluding a tariff refund, gross margin rose 20 basis points to 41.4% on higher prices, but operating margin dropped to 7.1% from 7.8% on lower sales.

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Gap Inc

Gap Earnings: Profitability Holds Despite Old Navy's Soft Sales; Shares Attractive

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