Apparel, Fashion & Retail | News & Insights

Gap’s net sales in the second quarter increased by 29 percent to US $ 4.2 billion

Published: August 30, 2021
Author: Manali bhanushali
Gap Inc., a well-known American apparel store, saw its Q2 net sales increase by an astonishing 29% to US $ 4.2 billion.
Notably, growth has been 5% even when compared to 2019. It is worth noting that the fashion giant’s store comps increased by 12% compared to 2019, while internet sales increased by 66% compared to the previous year.
As a result, the US fashion store announced its strongest second-quarter revenues in more than a decade.
The second quarter was also a strong one for the brand! Athleta’s net sales increased by 35% from the previous year, and are up 13% from 2020 and 26% from 2019.
Old Navy, like Athleta, has had a strong quarter. From 2019 to 2019, the brand’s sales increased by 21%. The comps were up 18% over the previous two years.
However, the Gap brand reported a 10% drop in net sales in 2019. The brand’s comps decreased by 5% from 2020 to 2019 and increased by 3% from 2019.
The retailer’s net income for the quarter was $258 million, up from a deficit of 62 million the previous year.
Gap, founded in 1969, is the largest specialty store in the United States, with six principal divisions: Gap (the namesake brand), Banana Republic, Old Navy, Intermix, Hill City, and Athleta.

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