OldNavy.com sets sail as the Gap’s biggest e-commerce brand

OldNavy.com continues to be the biggest single e-commerce channel for Gap Inc., No. 27 in the Internet Retailer Top 500 Guide.

For the first quarter, OldNavy.com posted sales of $93 million, an increase of 27.4% from revenue of $73 million in Q1 2006. Gap’s other two e-commerce sites, Gap.com and BananaRepublic.com, also posted decent gains. In Q1 Gap.com had web sales of $68 million, up 15.3% from $59 million in Q1 2006; BananaRepublic.com had Q1 e-commerce revenue of $29 million, an increase of 11.5% from $26 million the prior year.

On a brand basis, web sales also outpaced store sales in the first quarter of 2007. In Q1 Gap North America dropped 4% from the prior year to $1.42 billion and Banana Republic decreased by 2% to $528 million. Old Navy North America also reported a 5% drop in Q1 stores sales to $1.53 billion, the multi-channel retailer says in recently filed earnings report.

In the first quarter, combined web sales for Gap grew by 22.6% while total sales grew by 3%. Q1 web sales totaled $195 million vs. $159 million in Q1 2006. For the quarter, Gap reported net earnings of $178 million on revenue of $3.558 billion vs. net earnings of $242 million on net sales of $3.441 billion in the prior year.