In its second-largest acquisition, Amazon buys the company for $970 million.
Online sales at Gap rose 36% year over year to $247 million for the third quarter ended Nov. 3, as total net sales remained flat at $3.9 billion and comparable store sales decreased 5%, Gap says.
Online sales at Gap Inc. rose to $247 million for the third quarter ended Nov. 3, up 36% compared with $182 million in the same period last year. Total net sales remained flat at $3.9 billion and comparable store sales decreased 5%, Gap says.
Gap’s Q3 Internet sales represented 6.3% of total net sales, up from 4.7% a year ago, the apparel retailer says. Gap is No. 27 in the Internet Retailer Top 500 Guide.
Despite the lack of growth in overall net sales, Gap’s Q3 earnings rose 26% to $238 million, up from $189 million in the year-ago quarter, the retailer says. “During the third quarter, we made progress in driving earnings growth while managing our inventory and reducing expenses,” says Glenn Murphy, chairman and CEO. Gap saved about $75 million in Q3 marketing expenses compared to a year ago, though it does not expect to reach similar savings in Q4, it says.