Gap Boosts Annual Outlook Amid Strong Holiday Sales Start

Gap Inc. raised its annual guidance for the third time this year after posting better-than-expected fiscal third-quarter results, despite sales being impacted by hurricanes and warm weather. The company, which owns brands like Old Navy and Banana Republic, now anticipates a 1.5% to 2% increase in fiscal 2024 sales, surpassing analyst expectations. CEO Richard Dickson noted that sales rebounded as weather conditions improved, and the holiday shopping season has started strong. Gap's strategic focus on brand identity and marketing has led to four consecutive quarters of sales growth.