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● ● First quarter comparable sales increased 28 % year - over year , and 13 % versus 2019 ● GAP INC . REPORTS FIRST QUARTER RESULTS Gap Inc. Net sales of $ 4 billion were up 89 % versus 2020 and up 8 % compared to 2019 pre - COVID levels Reported earnings per share for the quarter were $ 0.43 , and $ 0.48 on an adjusted basis Reported Operating Margin of 6.0 % with Adjusted Operating Margin of 7.4 % ● Company raising full year outlook for sales , operating margin , and earnings per share Sales growth up low - to mid - twenty percent range versus 2020 Operating Margin of about 6 % on both a reported and adjusted basis Reported earnings per share range of $ 1.55- $ 1.70 ; Adjusted earnings per share range of $ 1.60 $ 1.75 SAN FRANCISCO - May 27 , 2021 – Gap Inc. ( NYSE : GPS ) , a portfolio of purpose - led , lifestyle brands including Old Navy , Gap , Banana Republic , and Athleta , and the largest specialty apparel company in the U.S. , reported first quarter fiscal year 2021 diluted earnings per share of $ 0.43 . Excluding charges associated with divestiture activity related to the Janie & Jack business and Intermix business , adjusted first quarter 2021 earnings per share were $ 0.48 . The company raised its full year reported diluted earnings per share guidance to be in the range of $ 1.55 to $ 1.70 , and $ 1.60 to $ 1.75 on an adjusted basis . " Our Power Plan 2023 is taking hold . Investments in demand - generation , coupled with macro tailwinds , supercharged our brands . Gap Inc. delivered sales growth of 8 % over 2019 pre - COVID levels , with particular strength at Old Navy and Athleta , a healthy and growing Gap business in North America , and market share gains that outpaced the industry , " said Sonia Syngal , CEO , Gap Inc. " As stores traffic came bac we sustained our digital dominance with 82 % online growth versus 2019. And while Active and Fleece continue to soar , we saw a resurgence in summer fashion with dresses rebounding , showing that customers are emerging from the crisis wanting to express their style without sacrificing the comfort and digital convenience they've become accustomed to . Through the power of our brands , platform and portfolio , we deliver it all . " Financial results for the first quarter of fiscal 2020 and 2019 can be found in the tables at the end of this press release . Due to the significant impact of COVID - related store closures last year , financial comparisons for the quarter are being made primarily to 2019 . This press release includes the non - GAAP measures free cash flow , adjusted operati expenses , adjusted operating income , and adjusted earnings per share . Please see the reconciliation of these measures from the most directly comparable GAAP financial measures in the tables at the end of this press release . First Quarter 2021 Net Sales Results The company's first quarter fiscal year 2021 net sales of $ 4 billion were up 8 % compared to 2019. The company estimates that COVID - related closures in markets outside of the U.S. resulted in approximately 2 % of sales decline versus 2019. Additionally , strategic permanent closures in the Gap and Banana Republic brands as part of the Power Plan 2023 strategy , while earnings accretive , reduced net sales by