Gap reports surprise rise in comparable sales fueled by online demand


Aug 27 (Reuters) - Apparel retailer Gap Inc GPS.N reported a 13% rise in quarterly comparable sales on Thursday, with shoppers buying Old Navy, Athleta and Gap clothing online as the company's stores remained shut due to the COVID-19 pandemic.

Analysts had forecast a 20.97% fall in comparable sales, according to IBES data from Refinitiv.

The San Francisco-based retailer reported a net loss of $62 million, or 17 cents per share, for the second quarter ended Aug. 1, compared to a profit of $168 million, or 44 cents per share, a year earlier.

(Reporting by Nivedita Balu in Bengaluru; Editing by Vinay Dwivedi)

((; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 4822/ Twitter: @niveditabalu;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.