Return to final surplus in the February-April period of the US gap Clothing recovery

Return to final surplus in the February-April period of the US gap Clothing recovery
Gap’s February-April financial results turned into the black due to the recovery of clothing sales

[New York ] Gap, a major US clothing company, announced on the 27th that its final profit and loss for the February-April 2021 period was 166 million dollars (compared to 923 million dollars in the same period of the previous year) Was in the red. With the calm infection of the new coronavirus and the relaxation of behavioral restrictions, customers have more opportunities to go out and clothing sales have increased.

Sales were $ 3,991 million, up 89% year-on-year. Company-wide same-store sales increased 28%. Old Navy’s existing stores, which mainly sell low-priced products, increased by 35%, and women’s sportswear athletes increased by 27%. GAP, which had been sluggish so far, recovered sharply with a 35% increase.

Online shopping, which continues to grow, accounted for 40% of total sales. “Online sales were up 82% compared to the same period in 2019 before the new Corona,” said Sonia Singal, CEO.

Due to the strong performance, the outlook for the full year 2021 has been revised upward. Sales were previously expected to grow from the mid to late 10% range, but have been raised from the low to mid 20% range.

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