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Gap Q2 FY20 result: sales $3.27 bn; net loss $62 mn
28 Aug 20 2 min read
Gap Inc, a US-based specialty apparel company, has announced its financial results for the second quarter (Q2) of fiscal 2020, ending August 1, 2020. Sales during the quarter were down 18 per cent to $3.27 billion compared to $4.00 billion in same period last fiscal. Gap incurred a net loss of $62 million compared to net income of $168 million in Q2 FY19.
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“Our strong performance in the second quarter reflects the customer response to our brands, products and experiences, particularly as we’ve rapidly adapted to the changing environment. We nearly doubled our e-commerce business, with approximately 50 per cent online penetration, demonstrating our ability to pivot to a digitally-led culture,” Sonia Syngal, chief executive officer at Gap, said in a press release.
Gross profit for Q2 FY20 dropped to $1.14 billion ($1.55 billion). Operating income slipped to $73 million (Q2 FY19: $282 million).
Sales of Old Navy Global were down 5 per cent to $1.88 billion ($1.97 billion). Sales of Gap Global declined to $783 million ($1.08 billion). Banana Republic Global sales plunged to $283 million ($616 million).
Regionally, sales in US came down to $2.76 billion ($3.30 billion). While Canada sales were $235 million ($286 million). Europe sales dropped to $72 million ($135 million).
“I’m confident that our purpose-driven lifestyle brands, size and scale, and advantaged digital capabilities are helping us win now and position us for growth in the future,” Syngal said.
Fibre2Fashion News Desk (JL)
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