American clothing retailer Gap reports Q4 FY20 sales of $4.4 bn

Gap Inc, a US-based specialty apparel company, has reported its financial results for the fourth quarter (Q4) FY20 ended on January 30, 2021. Sales during the quarter were down to $4.4 billion compared to the sales of $4.6 billion in the same quarter previous fiscal. Company’s net income during Q4 FY20 was $234 million (Q4 FY19: net loss $184 million).

 

Gap Inc, a US-based specialty apparel company, has reported its financial results for the fourth quarter (Q4) FY20 ended on January 30, 2021. Sales during the quarter were down to $4.4 billion compared to the sales of $4.6 billion in the same quarter previous fiscal. Company's net income during Q4 FY20 was $234 million (Q4 FY19: net loss $184 million).#

Online sales grew 49 per cent representing 46 per cent of net sales in Q4 FY20, which was an increase of 17 per cent compared to previous year. On the other hand, store sales declined 28 per cent in the quarter, with impacts from Covid and strategic closures noted above.

 

Gap Inc, a US-based specialty apparel company, has reported its financial results for the fourth quarter (Q4) FY20 ended on January 30, 2021. Sales during the quarter were down to $4.4 billion compared to the sales of $4.6 billion in the same quarter previous fiscal. Company's net income during Q4 FY20 was $234 million (Q4 FY19: net loss $184 million).#

“We faced one of the most difficult years in our company’s history and, throughout, our teams showed resilience and determination as we navigated unprecedented disruption in our industry to set a course for long-term growth. Our powerful brands moved to offense with purpose-led marketing and strength in relevant categories, like active and fleece, allowing us to gain meaningful market share quarter-over-quarter in a fragmented environment,” Sonia Syngal, chief executive officer at Gap Inc, said in a press release.

 

Gap Inc, a US-based specialty apparel company, has reported its financial results for the fourth quarter (Q4) FY20 ended on January 30, 2021. Sales during the quarter were down to $4.4 billion compared to the sales of $4.6 billion in the same quarter previous fiscal. Company's net income during Q4 FY20 was $234 million (Q4 FY19: net loss $184 million).#

Gross profit during Q4 FY20 remained stagnant at $1.6 billion. Gap’s operating income was $134 million (operating loss: $245 million).

 

Gap Inc, a US-based specialty apparel company, has reported its financial results for the fourth quarter (Q4) FY20 ended on January 30, 2021. Sales during the quarter were down to $4.4 billion compared to the sales of $4.6 billion in the same quarter previous fiscal. Company's net income during Q4 FY20 was $234 million (Q4 FY19: net loss $184 million).#

Sales of Old Navy Global brand jumped 5 per cent for the period, whereas Gap Global sales dipped 19 per cent. Banana Republic Global sales plunged 27 per cent for the reported quarter, however Athleta brand sales grew 29 per cent.

 

Gap Inc, a US-based specialty apparel company, has reported its financial results for the fourth quarter (Q4) FY20 ended on January 30, 2021. Sales during the quarter were down to $4.4 billion compared to the sales of $4.6 billion in the same quarter previous fiscal. Company's net income during Q4 FY20 was $234 million (Q4 FY19: net loss $184 million).#

“We are focused on executing against our Power Plan 2023 and delivering profitable growth in 2021,” Syngal said.