NEW YORK (BLOOMBERG) - Gap Inc tempered the pace of its sales decline in the second quarter, outpacing analysts' estimates by picking up e-commerce customers.. Read more at straitstimes.com.
NEW YORK - Gap Inc tempered the pace of its sales decline in the second quarter, outpacing analysts' estimates by picking up e-commerce customers.
Online sales nearly doubled from a year earlier, mirroring gigantic gains at other US retailers. Chief executive officer Sonia Syngal doesn't expect to keep that pace with most of its stores now reopened. But she said new capabilities, like adding payment platforms PayPal and Afterpay, will help maintain a business that generated half the company's sales last quarter.
Except for Banana Republic, Gap's brands posted positive comparable-store sales for the days in the quarter that they were open. The company will also keep closing Banana Republic and Gap brand stores, with a 225 combined reduction this year. As expected, Athleta was a bright spot - it was the only brand to report a net sales increase in the quarter, with a gain of 6 per cent Work-at-home consumers are snapping up sportswear during the pandemic. This also backs up the premise that Athleta is being undervalued by investors.
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