Gap Inc Q2 sales up 5%
30/08/2024
Old Navy had the best quarter with sales of $2.1 billion, up 8% compared to last year, marking the fourth consecutive quarter of positive comparable sales for the brand. The group noted that it has continued to focus on “operational rigor” to drive performance.
Second quarter sales for the Gap, at $766 million, inched up 1%, while Banana Republic’s revenues were flat at $479 million. Athleta, the sports branch, saw net sales decrease by 1% at $338 million.
“Gap Inc. delivered another successful quarter, exceeding financial expectations and gaining market share for the 6th consecutive quarter,” commented Richard Dickson, president and CEO. “In comparison to where we were only one year ago, we are in a stronger position across key metrics that matter – including net sales, margins, and our cash position – and we are making consistent progress in the reinvigoration of our brands. These results are a reflection of the dedication and collaboration of our global team, reinforcing my confidence that we are well on our way to unlocking the full potential of this extraordinary portfolio of iconic American brands.”
Image courtesy of Gap Inc.
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