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Friday, August 21, 2009 |
The web accounts for a bigger slice of the sales pie at Gap
The web outgrew total revenue and store sales for Gap Inc. in the second quarter. But the most telling statistic in Q2 about the overall importance of e-commerce to Gap is the fact that the Internet now accounts for a significantly larger share of total sales than it did just one year ago.
In the quarter ended Aug. 1, Gap, No. 25 in the Internet Retailer Top 500 Guide, reported:
- Web sales of $224 million, up 17.3% from $191 million in the second quarter of 2008.
- Total sales declined year over year 7.1% to $3.25 billion from $3.50 billion.
- Comparable-store sales decreased 8%.
- The web accounted for 6.9% of total sales compared with 5.5% in Q2 of 2008.
- The web’s percentage of total sales for Gap is 25% larger than one year ago.
- Net income declined 0.4% to $228 million from $229 million.
“Building upon two years of work improving our economic model, we’re now putting further emphasis on changing the trajectory of our top line performance,” says Gap CEO Glenn Murphy.
For the first half of the year:
- E-commerce revenue increased 15% to $491 million from $427 million.
- Total sales declined 7.4% to $6.37 billion from $6.88 billion.
- The web accounted for 7.7% of total sales, up from 6.2% in the prior year.
- The web’s percentage of total sales for Gap is 24% larger than one year ago.
- Net income declined 7.3% to $443 million from $478 million.
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