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GAP: gross margin improves in Q2

( - On Thursday evening, Gap reported Q2 adjusted EPS (excluding restructuring costs) of $0.
34 and an adjusted operating margin of 3.4%, with its gross margin improving 1.6 point to 37.6%.

However, zt the top line, the clothing chain's sales fell by 8% to $3.55bn, including a 6% decline on a comparable basis, mainly due to its Banana Republic (-8%) and Athleta (-7%) banners.

While encouraged by near-term progress, the company remains mindful of the mixed environment in which it is operating and continues to plan business cautiously, its CFO said.

Gap expects FY sales to decline by a mid-single digit percentage, although continues to expect gross margin growth.

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