Gap (GPS) reports revenue for the fourth quarter of 2020

A man passing by a store in New York City on January 12, 2021.

Angela Weiss | AFP | Getty Images

Gap Inc... Fourth-quarter sales were lower than expected as an ongoing coronavirus pandemic forced temporary store closures in Europe, parts of Asia and Canada.

Apparel retailers have made a profit thanks to their efforts to sell more products at the fixed price of stickers.

The quarterly gap, which ended on January 30, generated net income of $ 234 million (61 cents per share) compared to a loss of $ 184 million (49 cents per share) in the year-ago quarter. I reported.

Revenues for the most recent period included tax gains of approximately 45 cents per share and impairment costs of approximately 12 cents per share associated with Gap’s intermix business. According to a Refinitiv study, analysts were looking for a profit of 18 cents per share. It was not immediately clear whether analysts took the impact of these items into account.

Net sales were $ 4.42 billion, down about 5% from $ 4.67 billion in the previous year. This did not reach the analyst’s estimated $ 4.66 billion.

Same-store sales of Athleta, Gap’s athletic apparel brand, increased 26% year-over-year and Old Navy increased 7%. However, Gap’s brand of the same name recorded a 6% decline in same-store sales, and Banana Republic said its key indicator was down 22%.

According to Gap, overall online sales increased 49%, or 46% of quarterly net sales.

In 2021, the company wants to generate high net sales from the mid-teens compared to 2020. This assumes that Covid-related impacts will continue into the first half of 2021 and retailers will return to their pre-normalized state. -The company said sales in the second half were at a pandemic level.

According to Refinitiv, analysts wanted revenue growth of 14.1% year-on-year.

Gap share has increased by about 75% in the last 12 months. The company has a market capitalization of $ 9.46 billion.

Find the full press release from Gap here.

This story is developing. Check for updates.

Gap (GPS) reports revenue for the fourth quarter of 2020

Source link Gap (GPS) reports revenue for the fourth quarter of 2020

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