Apparel brand Gap, situated in San Francisco, continued to grow in the fourth quarter of 2024, increasing comparable sales by 3 per cent. Compared to the US $ 185 million reported the year before, net income climbed to US $ 206 million. However, net sales of US $ 4.1 billion were down 3 per cent, store sales were down 4 per cent, and online sales were down 2 per cent from the previous year.
President and CEO Richard Dickson stated that the company closed the year with another successful quarter, surpassing financial expectations and gaining market share for the eighth consecutive quarter.
While first quarter net sales are anticipated to stay the same or slightly improve, Gap anticipates net sales to expand between 1 per cent and 2 per cent in fiscal year 2025. The company plans to close about 45 outlets this year as part of its strategic plan.
