The Gap, Inc. (NYSE:GPS) Q1 2022 Earnings Conference Call May 26, 2022 5:00 PM ET

Company Participants

Cammeron McLaughlin – Head-Investor Relations

Sonia Syngal – Chief Executive Officer

Katrina O’Connell – Chief Financial Officer

Conference Call Participants

Matthew Boss – JPMorgan

Ike Boruchow – Wells Fargo

Dana Telsey – Telsey Advisory Group

Lorraine Hutchinson – Bank of America

Bob Drbul – Guggenheim Securities

Brooke Roach – Goldman Sachs

Kimberly Greenberger – Morgan Stanley

Mark Altschwager – Baird

Jay Sole – UBS

Corey Tarlowe – Jefferies

Janet Kloppenburg – JJK Research Associates

Operator

Good afternoon, ladies and gentlemen. My name is Hannah, and I will be your conference operator today. I would like to welcome everyone to The Gap Inc First Quarter 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions]

I would now like to introduce your host, Cammeron McLaughlin, Head of Investor Relations. Please go ahead.

Cammeron McLaughlin

Good afternoon, everyone. Welcome to Gap Inc's first quarter fiscal 2022 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 the 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 information included on Page 2 of the slides shown on the Investors section of our website, gapinc.com, which supplement today's remarks the risk factors described in the company's annual report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2022, 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 26, 2022, and we assume no obligation to publicly update or revise our forward-looking statements. Joining me on the call today are Chief Executive Officer, Sonia Syngal; and Chief Financial Officer, Katrina O'Connell.

With that, I'll turn the call over to Sonia.

Sonia Syngal

Good afternoon, everyone, and thank you for joining us. Our Q1 results and updated fiscal 2022 outlook primarily reflect industry-wide headwinds as well as challenges at Old Navy that are impacting our near-term performance. While we're disappointed to deliver results below expectations, we are confident in our ability to navigate the headwinds and restabilize the Old Navy business in order to deliver on our long-term strategy. This current period of acute disruption has clarified the urgency of improvements necessary to put us back on track towards delivering growth, margin expansion and value for our shareholders over the long term.