The reputed American fashion retailer, Gap Inc., has seen its Q2 net sales grow by an impressive 29 per cent to clock US $ 4.2 billion.
Notably, even compared to 2019, the growth has been 5 per cent. Here it is worth stating that store comps of the fashion giant grew by 12 per cent when compared to 2019, while digital sales surged by 65 per cent from those seen two years back.
The US fashion retailer has thus reported its best second quarter sales in more than 10 years.
The second quarter was good brand wise too! Athleta’s net sales shot up by 35 per cent from what it was in 2019 and comps up 13 per cent from 2020 and 26 per cent from 2019.
Like Athleta, it’s been a good quarter for Old Navy as well. The brand saw its sales jump by 21 per cent from 2019. The comps were up 18 per cent from what it was two years back.
However, the Gap brand saw its net sales fall by 10 per cent from 2019. The comps for the brand dropped by 5 per cent from 2020 and rose by 3 per cent from 2019.
The retailer’s net income in the quarter was US $ 258 million after last year’s loss of US $ 62 million.
Founded in 1969, Gap operates six primary divisions, namely, Gap (the namesake brand), Banana Republic, Old Navy, Intermix, Hill City and Athleta, and is the largest specialty retailer in the US.
Also Read: Gap sees future in Athleta and Old Navy as Q1 sales surge by 89%
