Sales of U.S. clothing retailer Gap in the first quarter of fiscal 21 jump 89% to $ 3.9 billion

Gap Inc, a U.S. specialty apparel company, reported 89% sales growth to $ 3.9 billion in its first quarter (Q1) FY21 ended May 1, 2021, compared to sales of 2, $ 1 billion in the same quarter last fiscal year. . The company’s net income for the quarter was $ 166 million (Q1 FY20: net loss of $ 932 million).

“As store traffic returned, we maintained our digital dominance with online growth of 82% from 2019. And as Active and Fleece continue to soar, we’ve seen a resurgence of summer fashion with a bounce in dresses, showing that customers are emerging from the crisis wanting to express their style without sacrificing the comfort and digital convenience they have become accustomed to. With the power of our brands, platform and portfolio, we deliver it all, ”said Sonia Syngal, CEO of Gap Inc, in a press release.

Gross profit for the first quarter of fiscal 21 increased to $ 1.6 billion ($ 268 million), while operating expenses were $ 1.3 billion ($ 1.5 billion). of dollars). Gap’s operating profit for the three-month period improved to $ 240 million (loss: $ 1.2 billion).

Old Navy Global brand sales jumped to $ 2.3 billion ($ 1.0 billion), while Gap Global sales jumped to $ 886 million ($ 524 million). Global sales of Banana Republic were $ 389 million ($ 289 million) and sales of the Athleta brand were $ 347 million ($ 205 million).

Regionally, sales in all markets improved for the first quarter of FY21: US $ 3.4 billion ($ 1.7 billion), Canada $ 261 million ($ 135 million) , Europe $ 72 million ($ 57 million), Asia $ 180 million ($ 121 million) and other regions $ 54 million ($ 33 ​​million).

Fibre2Fashion Information Office (JL)

Gap Inc, a U.S. specialty apparel company, reported 89% sales growth to $ 3.9 billion in its first quarter (Q1) FY21 ended May 1, 2021, compared to sales of 2, $ 1 billion in the same quarter last fiscal year. . The company’s net income for the quarter was $ 166 million (Q1 FY20: net loss of $ 932 million).


Source link

Anne G. Cash

Leave a Reply

Your email address will not be published. Required fields are marked *