Gap Inc. (NYSE:GAP) released its fourth-quarter results after Thursday's closing bell. Here's a look at the key details from the report. 

The Details: Gap reported quarterly earnings of 54 cents per share, which beat the analyst consensus estimate of 37 cents. Quarterly revenue clocked in at $4.1 billion, which beat the analyst consensus estimate of $4.07 billion.

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For the fourth quarter, Gap reported:

• Net sales of $4.1 billion, down 3% compared to last year, inclusive of approximately 7% of negative impact from the weekly calendar shifts related to the loss of the 53^rd week, as well as the loss of the additional week.
  • Store sales decreased 4% and online sales decreased 2% compared to last year, both inclusive of the negative impact related to the loss of the 53^rd week.
  • Online sales represented 41% of total net sales.  
  • Comparable sales were up 3%.
• Gross margin of 38.9% was flat versus last year.
  • Merchandise margin increased 20 basis points versus last year.
  • Rent, occupancy and depreciation (ROD) as a percent of sales deleveraged 20 basis points versus last year.

“We ended the year delivering another successful quarter, exceeding financial expectations and gaining market share for the 8th consecutive quarter,” said CEO Richard Dickson.

“For the full year 2024, Gap Inc. delivered positive comps in all four quarters, achieved one of the highest gross margins in the last 20 years and meaningfully increased operating margin versus the prior year,” Dickson added.

GAP Price Action: According to data from Benzinga Pro, Gap shares were up 14.99% after hours at $22.36 Thursday.  

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