Gap 修订了 2026 年全年销售指引(FY26),，在第一季度财务业绩好坏参半后(Q1) 降低了预测。
Gap has revised its sales guidance for the full fiscal year 2026 (FY26), lowering its forecast after mixed financial results in the first quarter (Q1).
经营 Gap, Old Navy, Banana Republic 和 Athleta 品牌, 的零售集团, 目前预计净销售额将同比, 增长 1% 至 2%，低于之前预计的增长 2% 至 3%。
The retail group, which operates the Gap, Old Navy, Banana Republic and Athleta brands, now expects net sales to rise by 1% to 2% year-on-year, down from the previous projection of an increase of 2% to 3%.
截至 2026 年 5 月 2 日的第一季度, Gap 报告净销售额为 2,435 亿,，比去年同期增长 1%。追踪开业至少一年的商店和在线, 的可比销售额, 增长了2%。
For the first quarter ended 2 May 2026, Gap reported net sales of $3.5bn, marking a 1% rise from the same period a year ago. Comparable sales, which track performance at stores open for at least a year and online, were up 2%.
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, 公司在 35 个国家经营着近 3,500 家商店,，其商店销售额比去年增长了 3%。在线销售额下降 2%，在线渠道占本季度整体净销售额的 38%。
The company, which operates nearly 3,500 stores across 35 countries, saw its store sales increase by 3% against last year. Online sales declined by 2% and online channels accounted for 38% of overall net sales during the quarter.
在第一季度,，Gap 品牌第一季度净销售额增长了 10%，达到 $796m,，可比销售额也增长了 10%。该公司将这一结果归因于其所描述的“与文化相关的故事讲述”，这有助于加强在牛仔布,羊毛,以及儿童和婴儿类别中的地位。
During Q1, the Gap brand saw a 10% increase in first-quarter net sales to $796m, with comparable sales also up 10%. The company attributed the result to what it described as “culturally relevant storytelling” that helped strengthen positions in denim, fleece, and kids and baby categories.
Sales in Banana Republic and Old Navy, its largest label, were both up just 1% versus the prior year, while the group的 Athleta brand reported a 12% decrease in net sales to $270m, with comparable sales down 11%.
Gap 总裁兼首席执行官理查德·迪克森 (Richard Dickson) 表示: “ 在第一季度, Gap Inc. 在我们的战略重点, 方面取得了持续进展，包括进一步扩大市场份额，并实现了连续第九个季度的正可比销售额。
Gap president and chief executive officer Richard Dickson said: “In the first quarter, Gap Inc. delivered continued progress against our strategic priorities, including further market share gains and achieving our ninth consecutive quarter of positive comparable sales.
“Gap brand delivered a standout quarter with a double-digit comp, marking one of the brand的 strongest performances in over two decades. Performance across our other brands was varied, reflecting both the different stages of their transformation and some brand-specific dynamics.”
Gap’第一季度业绩的关键指标
Key metrics from Gap的 first quarter performance
Gap的 FY26, 第一季度毛利率为 40.5%，同比, 下降 130 个基点，但高于公司 之前的预期。
Gap的 gross margin came in at 40.5% in Q1 FY26, down 130 basis points year-on-year, but above the company的 previous outlook.
该公司表示，商品利润率下降了 100 个基点,，预计关税带来了 200 个基点的负面影响。
The company stated that merchandise margin fell by 100 basis points, incorporating an estimated 200 basis point negative impact from tariffs.
在本季度,，零售商的运营费用总计为$972m,，占净销售额的27.8%。
During the quarter, the retailer的 operating expenses totalled $972m, making up 27.8% of net sales.
本季度营业收入为 $445m,，利润率为 12.7%。如果排除非经常性项目,，调整后营业收入为$182m，调整后营业利润率为5.2%。
Operating income for the quarter was $445m, with a margin of 12.7%. When non-recurring items are excluded, adjusted operating income was $182m and adjusted operating margin was 5.2%.
Gap reported a net income of $339m for the period, translating to diluted earnings per share (EPS) of $0.90.
调整非经常性项目后,净利润为$1.45亿，调整后摊薄每股收益为$0.38。
After adjusting for non-recurring items, net income was $145m and adjusted diluted EPS were $0.38.
2026 年全年展望
Full year 2026 outlook
目前，, Gap 预计全年毛利率将持平或略有改善,，并预计调整后的运营费用占净销售额的百分比与上一年的 33.5% 相比将基本保持稳定。
For the full year, Gap now anticipates flat to slightly improved gross margin, and expects adjusted operating expenses as a percentage of net sales to remain broadly steady compared to the previous year的 33.5%.
预计调整后营业利润率保持在约 7.3% 至 7.5% 不变。
Projected adjusted operating margin is unchanged at about 7.3% to 7.5%.
该公司还预计净利息收入约为$25m,，有效税率约为25%,，调整后稀释每股收益在$2.30至$2.40之间。
The company also expects net interest income of around $25m, an effective tax rate of approximately 25%, and adjusted diluted earnings per share in the range of $2.30 to $2.40.
Gap 表示，其前景反映了“ 平衡方法,” 纳入了更新的关税假设，同时还考虑了今年剩余时间运营环境的潜在不确定性。
Gap stated that its outlook reflects a “balanced approach,” incorporating updated tariff assumptions while also accounting for potential uncertainties in the operating environment for the remainder of the year.
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