Data tracker
Gap quarterly gross margin tracker
Gap’s gross margin has held in a narrow band since 2024, between 38 and 43 percent, with a reliable dip in the January quarter when post-holiday clearance runs. The pattern is what makes the fiscal 2022 figure of 34.3 percent stand out as an outlier rather than a level.
Compiled by The Retail Ledger from company filings · Updated September 27, 2026
Reading the series
Every year shows the same shape: margin peaks in the third quarter and falls in the fourth as clearance runs. That seasonality is why an annual figure is the right comparison for judging a year, and why the 5.5 point annual decline in fiscal 2022 cannot be explained by seasonal clearance.
The comparison across five retailers is in who cleared the 2022 glut, and the sector sequence is in the glut timeline.
The data
| Quarter ended | Gross margin | Change (pts) |
|---|---|---|
| May 4, 2024 | 41.23% | — |
| Aug 3, 2024 | 42.55% | +1.32 |
| Nov 2, 2024 | 42.70% | +0.15 |
| Feb 1, 2025 | 38.85% | -3.85 |
| May 3, 2025 | 41.81% | +2.96 |
| Aug 2, 2025 | 41.23% | -0.58 |
| Nov 1, 2025 | 42.36% | +1.13 |
| Jan 31, 2026 | 38.10% | -4.26 |
| May 2, 2026 | 40.52% | +2.42 |
| Aug 1, 2026 | 41.41% | +0.89 |
Source: company quarterly and annual reports. Figures as reported. Free to reuse with attribution to The Retail Ledger.