Web growth remains steady in Q2 for Gap
August 19, 2011 04:50 PM
Apparel and accessories retailer Gap Inc. had another strong quarter of web sales growth in its Gap Inc. Direct division.
For the quarter ended July 30, Gap, No. 24 in the Internet Retailer Top 500 Guide, reported:
- Web sales of $309 million, up by 20% from $258 million in the second quarter of 2010.
- Total sales of $3.39 billion, up by 2% from $3.32 billion.
- Comparable-store sales, including online sales, declined 2%.
- Net income declined 19% to $189 million from $234 million in the second quarter of 2010.
Internet Retailer calculates the web accounted for 9.1% of total sales compared with 7.8% in the same quarter of 2010.
“Despite a difficult quarter, we still delivered a net sales improvement and I continue to believe we have far greater opportunities than challenges ahead of us,” says Glenn Murphy, chairman and CEO of Gap Inc.
Web sales grew 18% in Q1, to $348 million from $295 million in the first quarter of 2010.
For the first six months Gap reported:
- Web sales of $657 million, up by 18.8% from $553 million in the first half of 2010.
- Total sales of $6.68 billion, up by 0.6% from $6.64 billion.
- Net income declined 27% to $422 million from $536 million in the first six months of 2010.
Internet Retailer calculates the web accounted for 9.8% of total sales compared with 8.3% in the same period of 2010.
Gap also announced its Piperlime.com boutique for women’s and children’s fashions, shoes and accessories has added branded men’s clothing. Lines include 7 for All Mankind, Ben Sherman, Converse Black Canvas, Diesel, RVCA, G-Star, Joe's Jeans, Lacoste, Levi's Made & Crafted, and Original Penguin.