Gap, the American clothing bigwig, is here with its Q4 and fiscal year 2021 results!
The US retail giant has seen its Q4 net sales rise by 2 per cent to clock US $ 4.5 billion, though when compared to the same period in 2019, the sales fell by 3 per cent.
The comparable sales, during the fourth quarter, shot up by 3 per cent both year-over-year (Y-o-Y) and on two-year ago basis.
The retailer’s fiscal year 2021 net sales rose by a whopping 21 per cent Y-o-Y to record US $ 16.7 billion and were up by 2 per cent when compared to fiscal year 2019.
The comparable sales, for the fiscal year 2021, went up by 6 per cent Y-o-Y and 8 per cent when compared to fiscal year 2019.
While the gross margin was 33.7 per cent in Q4 (260 basis points lower than 2019 adjusted gross margin), it was 39.8 per cent in 2021 (improved 220 basis points versus 2019 adjusted gross margin).
The Q4 operating expenses were US $ 1.5 billion or 33.5 per cent of net sales, while the adjusted operating expenses for the same period were 33.3 per cent of net sales.
For fiscal year 2021, the operating expenses were US $ 5.8 billion or 35.0 per cent of net sales on a reported basis. The adjusted operating expenses were 34.3 per cent of net sales.
“Today we officially closed the books on FY 2021 as we announced fourth-quarter earnings and reported US $16.7 billion net sales, an increase of 21% vs last year. This is the result of our entire Gap Inc. team’s hard work and dedication, which I see in action every day, in service of our customers. Amidst continued volatility, our 100K+ strong team is doing meaningful work to grow our business, differentiate our brands, accelerate our transformation, and be a force for good. As we kick off 2022, I’m confident in our strategy for growth.I hope you’re as energized as I am watching this beautiful montage of our Spring creative from Old Navy, Gap, Banana Republic, and Athleta – filled with optimism, joy, and unity,” quoted Sonia Syngal, CEO, GAP, in her LinkedIn post.
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