(AOF) – In 2023, Gap’s turnover fell 5% to $14.9 billion, taking into account the negative impact of the sale of Gap China. For the year 2023, the gross margin amounted to 38.8%, increasing by 450 basis points to $5.77 billion. Adjusted operating income was $506 million compared to an operating loss of $69 million in 2022. The adjusted operating margin was 4.1%. For the full year 2023, net profit stood at $502 million compared to a loss of $202 million a year ago.
Diluted earnings per share were $1.34.
Gap expects fiscal 2024 revenue to be stable compared to $14.9 billion in fiscal 2023. For the current year, the store chain is targeting an increase of at least 50 basis points of its gross margin compared to 2023: 38.8%. It is also targeting growth in its operating profit between 10 and 15%.
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