In its second-largest acquisition, Amazon buys the company for $970 million.
Gap’s web sales increased 8.7% in 2009 and 3.1% in the fourth quarter. Next up: launching e-commerce in Canada and Europe.
Having finished 2009 with decent growth online, Gap Inc. is making 2010 the year for international e-commerce expansion.
For the year ended Jan. 30, 2009, Gap, No. 25 in the Internet Retailer Top 500 Guide, reported:
- An increase of 8.7% in web sales to $1.12 billion from $1.03 billion in 2008.
- Total revenue declined 2.3% to $14.20 billion from $14.53 billion.
- The web accounted for 7.9% of total sales compared with 7.1% in 2008.
- Comparable-store sales decreased 3.0%.
- Net income rose year over year 13.8% to $1.1 billion from $967 million.
In the fourth quarter, Gap also reported
- An increase of 3.1% in web sales to $329 million from $319 million in Q4 of 2008.
- Total revenue increased 3.9% to $4.24 billion from $4.08 billion.
- The web accounted for 7.8% of total sales, the same as in Q4 2008.
- Comparable-store sales increased 2.0%.
- Net income rose year over year 44.9% to $352 million from $243 million.