Gap Group released its financial report for the third quarter as of June 2020 1. According to the report, the Gap sales in the third quarter were almost the same as last year, with a record of $3.994 billion, an increase of 5% compared with comparable sales, and online channel sales increased by 66,543.8+0%.
Net profit for the quarter decreased by 32,654,38+0% year-on-year to USD 95 million. Online business accounts for 40%, and Gap expects e-commerce to account for 50% by the end of 2023.
Introduction to GAP
GAP is one of the largest clothing companies in America. When 1969 was founded, there were only a handful of employees. Now, it is a multinational company, with five brands (GAP, Banana Republic, Old Navy, Piperlime, Athleta) and more than 3,200 chain stores, with an annual turnover of over 654.38+03 billion dollars and 654.38+0.65 million employees.
Founded by Donald and Doris Fisher in 1969 in Gap, San Francisco, California, it has now become one of the largest clothing groups in the United States, with three brands (Gap, Banana Republic and Old Navy), 4,250 stores and165,000 employees.
GAP group is undoubtedly one of the most striking enterprises in American clothing industry. In terms of brands, Old Navy and Athleta performed strongly, with sales in the third quarter increasing by 65,438+05% and 35% respectively, both significantly higher than comparable sales. Gap and Banana Repbulic's sales in this quarter decreased 14% and 34% respectively.
In view of the uncertainty of the continuing impact of the COVID-19 epidemic, Gap Group did not provide a financial year performance forecast, but it is expected that the sales in the fourth quarter will be basically the same as that in the same period last year or slightly increased.