All News

 

+989373755404

Call us for more information

Search
News

Gap Inc to close 225+ stores globally as sales continue to decline

Gap

The US retailer, Gap Inc., has announced plans for closing down more than 225 stores worldwide this year, with a further batch next year. A net loss of $62 million in revenue declined 18% during the second quarter. Sales from physical companies decreased by 48%, compared with a meteorically 95% increase in online sales. During this time, the company has acquired over 3.5 million clients.

The company did not give any indication of where in the world its stores would close, or which banners are most affected by the plan, although its namesake Gap network and Banana Republic stores seem to be performing the worst. As at August 1, Gap Inc had 1643 stores trading under those two brands.
The decline in sales in physical stores during the quarter was caused by enforced temporary closures due to the Covid-19 pandemic, with shops beginning to reopen from May. As of August 1, about 90 percent of its stores globally were trading again. Worldwide sales by the Gap brand were down 28 percent and at Banana Republic by 52 percent. Old Navy performed better, down by 5 percent overall, and aided by a 136-per-cent increase online. Athleta was the standout, boosted by consumers purchasing more relaxing apparel as they moved to work from home. Sales were up 6 percent overall, and online by 74 percent.

provided by : textilefocus.com

Other News

What Is Econyl Fabric?
news

What Is Econyl Fabric?

15 Bridal Sneakers To Wear On Your Wedding Day To Look More Stylish
news

15 Bridal Sneakers To Wear On Your Wedding Day To Look More Stylish

10 Golden Bridal Lehenga Designs To Fall For
news

10 Golden Bridal Lehenga Designs To Fall For

5 Indian Designers Who Rock The Bridal Couture
news

5 Indian Designers Who Rock The Bridal Couture

Econyl Fabric
news

Econyl Fabric

Mohair Wool
news

Mohair Wool

Lyocell Fabric
news

Lyocell Fabric

Polypropylene Fabric
news

Polypropylene Fabric

Viscose Fabric
news

Viscose Fabric

Polyamide Fabric
news

Polyamide Fabric

What is NeoShell Fabric
news

What is NeoShell Fabric

What is OutDry fabric
news

What is OutDry fabric

Angora wool fabric
news

Angora wool fabric

What Is Faux Leather Fabric?
news

What Is Faux Leather Fabric?

What is cashmere fabric?
news

What is cashmere fabric?

What is damask fabric?
news

What is damask fabric?

What is Elastane Fabric
news

What is Elastane Fabric

Lycra Fabric
news

Lycra Fabric

Silk Fabric
news

Silk Fabric

crepe fabric
news

crepe fabric

{"slide_show":3,"slide_scroll":1,"dots":"true","arrows":"true","autoplay":"true","autoplay_interval":2000,"speed":300,"loop":"true","design":"design-1"}

Leave a Comment

WeCreativez WhatsApp Support
Khoshrang.Co support team
Use your smartphone to communicate more easily and better with the support team of Khoshrang Company