The Gap plugs its financial gap with higher web sales
Web sales once again rose faster than store sales in another disappointing quarter for Gap Inc.
In the first quarter, combined web sales for the multi-channel retailer’s Gap, Old Navy and Banana Republic brands 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, No. 27 in the Internet Retailer Top 500 Guide, 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.
“We are actively working to fix our core business, retain and recruit talent and streamline operations so that out organization can be more nimble and efficient,” says interim president and CEO Bob Fisher.
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