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Gap Reports Mixed Q2 Results As Athleta Weakness And Tariffs Weigh

Gap Inc. (NYSE:GPS) reported second-quarter earnings that topped expectations but revenue that narrowly missed forecasts as weakness in its Athleta brand and U.S. tariffs pressured results.

The apparel retailer posted EPS of $0.57, above consensus of $0.55, on revenue of $3.73 billion, slightly below the $3.73 billion forecast. Comparable sales fell 9% at Athleta, while Old Navy, Gap, and Banana Republic posted positive comps.

Gross margin contracted 130 basis points year-over-year to 41.2%, missing estimates of 41.9%. The company also noted it had begun to see the impact of higher tariffs on imported products.

For Q3, Gap forecast net sales growth of 1.5%–2.5%, including tariff effects. For FY25, it reiterated its outlook for 1%–2% sales growth.

Published on: August 29, 2025

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