Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
The web continues to shine as a sales channel for Gap. OldNavy.com still leads e-commerce sales for Gap with an increase of 34.1% to $118 million for the first nine months of 2007, compared with $88 million in the previous year.
The web continues to shine as a sales channel for Gap Inc. Online sales for Old Navy, Gap and Banana Republic climbed 28.2% collectively in the first nine months of the year for Gap compared with the same period in 2006. Comparable store sales for the multi-channel retailer declined year over year 2.25% to $8.7 billion from $8.9 billion for the period of January through September in 2006.
OldNavy.com continues to lead e-commerce sales for Gap, No. 27 in the Internet Retailer Top 500 Guide, with an increase of 34.1% to $118 million for the first nine months of 2007, compared with $88 million in the previous year. Gap.com followed at $83 million, a 23.9% increase over $67 million from the prior year period, and BananaRepublic.com tallied $36 million, up by 33.3% from $27 million in January through September in 2006, Gap says in its quarterly financial report recently filed with the Securities and Exchange Commission.
Overall online sales for the first nine months of the year were $614 million, up 28.2% compared with $479 million in the prior year. Online sales at Gap Inc. rose to $247 million for the third quarter ended Nov. 3, up 36% compared with $182 million in the same period last year. Total net sales remained flat at $3.9 billion and comparable store sales decreased 5%, Gap says.