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Gap Inc (NYSE:GPS) shares are trading higher in Thursday's after-hours session. The company reported top-line results that beat analyst expectations.
Gap said fiscal second-quarter revenue decreased 8% year-over-year to $3.86 billion, which beat average analyst estimates of $3.82 billion, according to Benzinga Pro. Comparable sales were down 10% year-over-year.
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Gap reported second-quarter earnings of 8 cents per share, which is down from earnings of 70 cents per share year-over-year.
"We are taking actions to better optimize profitability and cash flow in the near term, reducing operating costs as well as impairing unproductive inventory," said Bob Martin, executive chairman and interim CEO of Gap.
As a result of the actions Gap is taking to reduce inventory and rebalance assortments, combined with the uncertain macro-environment, the company said it's withdrawing its prior fiscal 2022 outlook.
See Also: Why Is Marvell Technology Stock Sliding After Hours?
GPS Price Action: Gap has a 52-week high of $19.06 and a 52-week low of $7.79.
The stock was up 10.3% in after hours at $10.99 at time of publication.
Photo: Mike Mozart from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.