In its second-largest acquisition, Amazon buys the company for $970 million.
Online sales for Old Navy, Gap and Banana Republic climbed 26% collectively in Q2 2007 for Gap Inc. compared with the same period in 2006. Comparable store sales declined 5%.
Online sales for Old Navy, Gap and Banana Republic climbed 26% collectively in Q2 2007 for Gap Inc. compared with the same period in 2006. Comparable store sales for the multi-channel retailer declined 5%.
OldNavy.com continues to lead e-commerce sales for Gap with sales of $83 million for the second quarter ended Aug. 4, 2007, up 22% year over year. Gap.com followed at $55 million, a 20% increase over Q2 2006, and BananaRepublic.com tallied $27 million, up by 23%, Gap says in its quarterly financial report recently filed with the Securities and Exchange Commission.
Overall online sales were $172 million, up 26% compared with $136 million in the prior year. For the quarter Gap’s revenue was flat, with net sales of $3.7 billion, the same as Q2 last year. Gap, No. 27 in the Internet Retailer Top 500 Guide, saw comparable store sales fall 5% for the quarter.
Net earnings were $152 million for Q2 2007 compared with $128 million in the prior year, a 19% increase.
For the first six months of fiscal 2007, overall web sales were $367 million, up 24% compared with $295 million in Q2 2006.