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Gap Q1 net sales down 43%, 25% came online

Christian Fernsby ▼ | June 8, 2020
Gap reported its financial results for the first quarter of fiscal year 2020, ending May 2.
Gap
Gap   The Company’s first quarter fiscal year 2020 net sales were down 43%
The Company’s first quarter fiscal year 2020 net sales were down 43% year-over-year, as solid momentum in the first 35 days of the quarter was more than offset by meaningful deceleration in demand after temporary store closures beginning in mid-March.

Topics: Gap

In response, the Company continued to serve customer demand online through its scaled e-commerce platform, which at over $4 billion in net sales in fiscal year 2019, represented about one quarter of the Company’s sales for that fiscal year.

The Company’s first quarter 2020 store sales decreased 61% compared to the first quarter fiscal 2019, driven by temporary store closures.


 

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