Gap’s First Quarter Sales Increase 28%, Net Sales Hit $4 Billion

San Francisco — Gap Inc., the parent company of Old Navy, Gap, Banana Republic and Athleta, released its first-quarter 2021 fiscal report showing net sales reached $4 billion, up 8% from 2019. Additionally, comparable sales were up 28% year-over-year and rose 13% since pre-pandemic 2019.

The company showed strong increases in net sales at Old Navy and Athleta — 27% and 56% increase over 2019, respectively. There were declines in net sales at Gap Global (16%) and Banana Republic Global (29%). Old Navy’s comparable sales were up 35% year-over-year and 25% versus 2019. Additionally, Athleta reported 113% digital growth compared to the first quarter of 2019, with comparable sales up 27% year-over-year and 46% versus 2019.

Overall, first-quarter online sales for Gap Inc. grew 82% versus first-quarter 2019 and represented 40% of the total business. Store sales declined 16% compared to first-quarter 2019, primarily due to store closures and COVID lockdowns outside of the United States. Currently, Gap has 3,571 store locations in more than 40 countries, with the company operating 2,997 of them.

 

 

SOURCE: www.ShoppingCenterBusiness.com

 

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