Apparel retailer Gap saw its stock halted by the New York Stock Exchange (NYSE) early on Thursday. The NYSE said the decision to suspend trading was a result of “pending news”, while reports indicated that the real reason is that Gap’s earnings report came out earlier than expected.
According to Bloomberg, Gap’s quarterly report presentation was made briefly available on the company’s website before being taken down.
The report, viewed by Bloomberg, indicated that Gap had a stronger-than-expected quarter. Its revenue came at $3.7 billion, beating the analysts’ estimates and marking a 5% year-over-year increase. Additionally, the company saw its comparable sales grow by 3%, also better than expected.
If the official numbers come at the same level, it would mark a success for CEO Richard Dickson in its efforts to turn around the struggling giant. Dickenson took over the role in 2023 amid slumping sales and initiated a number of moves to improve the company’s performance. The effects were already apparent in the first quarter when Gap reported an increase in comparable sales across all of its major brands.
Gap’s shares soared more than 9% on Thursday morning after the premature earnings release. The stock later went down 1% compared to its Wednesday closing price of $22.43 per share. The company’s shares are 6.4% up year-to-date.