August 17, 2012, 5:11 PM

Q2 web sales grow 24% for Gap

Overseas e-commerce revenue climbs at nearly the same rate.

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Gap reported web sales of $384 million for Q2.

It was a good second quarter domestically and overseas for Gap Inc.

For the second quarter ended July 28, Gap, No. 22 in the 2012 Internet Retailer Top 500 reported:

  • E-commerce sales increased year over year 24.3% to $384 million from $309 million in the second quarter of 2011.
  • International e-commerce sales increased year over year 25% to $30.0 million from $24.0 million.
  • Total sales increased 5.6% to $3.57 billion from $3.38 billion in the second quarter of 2011.
  • Comparable-store sales increased 4%.
  • Net income grew year over year 28.6% to $243 million from $189 million.

The web accounted for 10.8% of total sales in the second quarter of 2012 compared with 9.1% in the prior year.

“Customers responded well to our product offerings across our brands, driving a healthy increase in sales and earnings per share during the quarter,” says CEO Glenn Murphy.

For the first two quarters:

  • E-commerce sales increased year over year 22.1% to $802 million from $657 million in the first two quarters of 2011.
  • Total sales increased 5.7% to $7.06 billion from $6.68 billion in the first two quarters of 2011.
  • Net income grew year over year 12.8% to $476 million from $422 million in the first two quarters of 2011.

The web accounted for 11.4% of total sales in the first two quarters of 2012 compared with 9.8% in the prior year.

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