For Jack Ma, executive chairman of Alibaba Group Holdings, today is an extremely busy and lucrative day because the company he founded 15 years ...
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.