Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Q3 brought the launch of web sites in Canada and the United Kingdom.
Apparel and accessories retailer Gap Inc. reported strong web sales for the third quarter. For the quarter ended Oct. 30, Gap reported:
- Online sales through Gap Direct Inc., the company’s web sales division, were $342.0 million, up by 14.8% from $298.0 million in the third quarter last year.
- Total sales were $3.65 billion, an increase of 1.7% from $3.59 billion.
- Comparable-store sales were flat for the quarter.
- Net loss was $303.0 million, down by about 1.3% compared with $307.0 million for the third quarter last year.
Internet Retailer calculates that the web accounted for 9.4% of total sales for the third quarter, compared with 8.3% last year.
In Q3, Gap, No. 23 in the Internet Retailer Top 500 Guide, expanded its online reach by launching web sites in Canada and the United Kingdom and increasing international shipping to more than 80 countries. The company recently opened Gap stores in Shanghai and Beijing with a simultaneous online launch in China. The company also plans to open Gap and Banana Republic stores in Italy.
For the first nine months of 2010, Gap also reported:
- Web sales were $895.0 million, up by 13.4% from $789.0 million in the same period last year, based on quarterly reports and calculated by Internet Retailer.
- Total sales were $10.3 billion, a 4% increase from $9.9 billion.
- Net income was $839 million, up by 11.9% from $750 million.
Internet Retailer calculates that the web accounted for 8.7% of total sales for the first three quarters, compared with 8% last year.