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Gap Inc. NEWS RELEASE Gap Inc. Reports Third Quarter Results 11/23/2021 • Third quarter comparable sales increased 5 % and net sales were down 1 % compared to 2019 pre - COVID levels Significant supply chain constraints in the quarter impacted both comparable sales and net sales • Online sales for the quarter increased 48 % compared to 2019 • Gross Margin of 42.1 % for the quarter represented the highest third quarter rate in over ten years • The company is revising its full - year 2021 guidance as a result of ongoing supply chain disruption ● SAN FRANCISCO -- ( BUSINESS WIRE ) -- Gap Inc. ( NYSE : GPS ) , a portfolio of purpose - led , billion - dollar lifestyle brands including Old Navy , Gap , Banana Republic , and Athleta , and the largest specialty apparel company in the U.S. , reported a third quarter fiscal year 2021 diluted loss per share of $ 0.40 . Excluding fees associated with restructuring the company's long - term debt and net charges related to strategic changes in its European operating model , adjusted diluted earnings per share were $ 0.27 . Additional information regarding adjusted diluted earnings per share , which is a non - GAAP financial measure , is provided at the end of this press release along with a reconciliation of this measure from the most directly comparable GAAP financial measure . This press release features multimedia . View the full release here : https://www.businesswire.com/news/home/20211123006072/en/ Highlights from Gap Inc. Q3 earnings ( Graphic : Business Wire ) " While we entered the third quarter with growing momentum , acute supply chain headwinds affected our ability to fully meet strong customer demand . Still , we made an intentional investment in building enduring customer loyalty with accelerated use of air freight to serve them this holiday , choosing long - term growth opportunity over near term impact to profitability , " said Sonia Syngal , CEO , Gap Inc. " Current pressures have not distracted us from what matters : growing our billion - dollar brands , delighting our over 64 million customers with product and experiences 1