Year-Over-Year Online Sales for Gap Surge 95 Percent in Second Quarter
SAN FRANCISCO — Driven by a 95 percent surge in online sales, San Francisco-based Gap Inc. (NYSE: GPS) reported a 13 percent increase in its comparable sales for the fiscal second quarter, which ended Aug. 1. Gap’s decision to make face masks early on in the COVID-19 pandemic paid off, bringing in $130 million in sales, according to the company. Gap has produced face masks for individuals as well as the city of New York, the state of California and Kaiser Permanente. Net sales were down 18 percent year over year, reflecting a 48 percent decline in store sales, which was driven by partial closures due to the pandemic, according to Gap. Approximately 90 percent of Gap’s stores were open as of Aug. 1. Gap sells clothing and accessories under the brands Old Navy, Gap, Banana Republic, Athleta, Intermix, Janie and Jack, and Hill City. The company’s stock price closed at $17.54 per share Friday, Aug. 28, up from $15.59 per share one year ago.