Fibre2Fashion
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Pic: Shutterstock Gap Inc, a US-based specialty apparel company, has reported 89 per cent sales growth to $3.9 billion in its first quarter (Q1) FY21 ended on May 1, 2021, compared to the sales of $2.1 billion in the corresponding quarter of previous fiscal. The company’s net income during the quarter rose to $166 million (Q1 FY20: net loss $932 million). “As stores traffic came back, we sustained our digital dominance with 82 per cent online growth versus 2019. And while Active and Fleece continue to soar, we saw a resurgence in summer fashion with dresses rebounding, showing that customers are emerging from the crisis wanting to express their style without sacrificing the comfort and digital convenience they’ve become accustomed to. Through the power of our brands, platform and portfolio, we deliver it all,” Sonia Syngal, chief executive officer at Gap Inc, said in a press release.
Fibre2Fashion
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Pic: Shutterstock Gap Inc, a US-based specialty apparel company, has reported its financial results for the fourth quarter (Q4) FY20 ended on January 30, 2021. Sales during the quarter were down to $4.4 billion compared to the sales of $4.6 billion in the same quarter previous fiscal. Company’s net income during Q4 FY20 was $234 million (Q4 FY19: net loss $184 million). Online sales grew 49 per cent representing 46 per cent of net sales in Q4 FY20, which was an increase of 17 per cent compared to previous year. On the other hand, store sales declined 28 per cent in the quarter, with impacts from Covid and strategic closures noted above.