Gap Inc., a portfolio of retailers including Old Navy, Gap, Banana Republic, and Athleta, has announced second quarter fiscal 2021 results, reaching their highest sales numbers in over a decade!
Q2 Highlights:
- Net sales of $4.2 billion were the highest second quarter sales in over a decade, up 29% versus 2020 and up 5% compared to 2019 pre-COVID levels
- Second quarter comparable sales increased 12% versus 2019
- Reported earnings per share for the quarter were $0.67, and $0.70 on an adjusted basis
- Reported operating margin for the quarter was 9.7%, and 10.2% on an adjusted basis
- Athleta net sales were up 35% versus 2019
- Gross profit increased 17% to $1.82 billion
- Gross margin increased 43.3
“Our talented teams delivered our highest second quarter net sales in over a decade. Our strategy is driving growth as evidenced by continued strength at Old Navy and Athleta, Gap Brand’s second consecutive quarter of positive 2-year comparable sales in North America, and momentum gaining at Banana Republic. Stepped-up marketing investments, improved brand management, and technology enhancements are paying off as our brand power cuts through. I look forward to our Integrated Loyalty Program and Old Navy’s inclusive shopping experience, BODEQUALITY, taking hold in the back half, both key components of our Power Plan 2023, and important drivers of long-term sustainable growth,” said Sonia Syngal, Chief Executive Officer, Gap Inc.
Source: Gap Inc Press Release
Photo Credit: Design Retail
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About Gap Inc.
Gap Inc., a collection of purpose-led lifestyle brands, is the largest American specialty apparel company offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. The company uses omni-channel capabilities to bridge the digital world and physical stores to further enhance its shopping experience. Gap Inc. is guided by its purpose, Inclusive, by Design, and takes pride in creating products and experiences its customers love while doing right by its employees, communities, and planet. Gap Inc. products are available for purchase worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2020 net sales were $13.8 billion. For more information, please visit www.gapinc.com.
