The Gap, Inc. (NYSE:GPS) Q1 2023 Earnings Conference Call May 25, 2023 5:00 PM ET

Company Participants

Cammeron McLaughlin - Head of Investor Relations

Bobby Martin - Interim Chief Executive Officer

Katrina O’Connell - Chief Financial Officer

Conference Call Participants

Alex Straton - Morgan Stanley

Matthew Boss - JPMorgan

Brooke Roach - Goldman Sachs

Lorraine Hutchinson - Bank of America Global Research

Corey Tarlowe - Jefferies

Mark Altschwager - Baird

Paul Kearney - Barclays

Janet Kloppenburg - JJK Research

Marni Shapiro - The Retail Tracker

Operator

Good afternoon, ladies and gentlemen. My name is Abby, and I will be your conference operator today. I would like to welcome everyone to The Gap, Inc. First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. [Operator Instructions]

I would now like to introduce your host, Cameron McLaughlin, Head of Investor Relations.

Cammeron McLaughlin

Good afternoon, everyone. Welcome to Gap Inc.’s first quarter fiscal 2023 earnings conference call. Before we begin, I’d like to remind you that the information made available on this webcast and conference call contains forward-looking statements that are subject to risks that could cause our actual results to be materially different.

For information on factors that could cause our actual results to differ materially from any forward-looking statements, as well as a description and reconciliation of any financial measures not consistent with Generally Accepted Accounting Principles, please refer to the cautionary statements contained in our latest earnings release. The risk factors described in the company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2023 and any subsequent filings with the Securities and Exchange Commission, all of which are available on gapinc.com. These forward-looking statements are based on information as of today May 25, 2023, and we assume no obligation to publicly update or revise our forward-making statements.

Joining me on the call today our Interim Chief Executive Officer, Bobby Martin; Chief Financial Officer, Katrina O’Connell.

With that, I’ll turn the call over to Bobby.

Bobby Martin

Thank you, Cammeron and good afternoon, everyone. Thanks for joining us today. Consistent with what you have heard from us over the last few quarters, we continue to take the necessary actions to drive critical change at Gap, Inc. to further improve the trajectory of our business and to get us back on a path toward delivering consistent results.

We are improving near-term execution and requiring a much deeper and integrated focus on the customer to unleash each brand’s potential. Also, simplifying our operating structure and model, reducing costs, improving speed of decision making and unlocking our creative muscle. And modernizing our core capabilities that have been on Gap Inc.’s roadmap for far too long.