Business

Sales plummet at Gap as pandemic bites

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Net sales at the retail group, which includes Gap, Old Navy and Banana Republic, plunged by 43% year-on-year.

“While net sales and stores sales continued to reflect material declines in May as a result of closures, we saw over 100% growth in online sales during the month,” said Sonia Syngal, president and CEO of Gap Inc. “This online momentum, enabled by new omni-capabilities that have expanded the way customers can shop with us, leaves us well-positioned to fuel our brands going forward.”

She added: “Today we have more than 1,500 stores open in North America, ahead of plan, and as stay-at-home restrictions ease in many markets, we expect to have the vast majority of our North American stores re-opened in June.”

Gap Inc suspended rent payments for closed stores in early April and said it remains in “active discussions” with landlords. The retailer is also undertaking a strategic review of its store estate, particularly for its Gap and Banana Republic fascia.

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