Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Web sales in the third quarter increased for Gap, but not nearly as fast as earlier this year. E-commerce revenue increased 4.9% in Q3 compared with 17% in Q2 and 13% in Q1.
Web sales in the third quarter increased for Gap Inc., but not nearly as fast as earlier this year.
For the quarter ended Oct. 31:
- Web sales increased 4.9% to $298 million from $284 million in the prior year. In comparison, e-commerce sales grew year over year 17% in the second quarter and 13% in the first quarter.
- Total sales increased 0.8% year over year to $3.59 billion from $3.56 billion.
- The web accounted for 8.3% of sales compared to 8.0% in Q3 2008.
- Comparable-store sales were flat compared with a decrease of 12% in the previous year.
- Net income was $307 million compared with $246 million in Q3 2008.
For the first three quarters:
- E-commerce sales increased 11% to $789 million from $711 million.
- Total sales decreased 4.6% year over year to $9.96 billion from $10.44 billion.
- The web accounted for 7.9% of sales.
- Net income was $750 million compared with $724 million in the first three quarters of 2008.
Gap is No. 25 in the Internet Retailer Top 500 Guide, (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name).