Gap sales fell % year-on-year in the fiscal first quarter
American clothing retailer Gap’s net sales in the first quarter of 2022 were US$3.5 billion, a 13% decrease compared with last year. Net sales grew approximately 5%, mainly due to the stimulation of many factors last year, of which 3% was affected by divestitures, store closures and the transformation of the company’s European business.
Website sales in the first quarter fell 17% compared with last year, accounting for 39% of total sales. Brick-and-mortar store sales fell 10%. The company said in a press release that as of the end of the quarter, it had 3,414 stores in more than 40 countries/regions, 2,825 of which were directly operated by the company.
Gap Inc CEO Sonia Syngal said: The first quarter results and updated fiscal year 2022 outlook mainly reflect the adverse trend of the entire industry and Old Navy’s impact on recent performance. challenges. Although we are disappointed with the lower-than-expected results, we are confident that we can overcome the adversity and re-stabilize the Old Navy business in order to make continued progress on our long-term strategy. We believe we can weather this period of intense upheaval and build a more resilient and agile company. We believe strongly in our iconic purpose-driven brands—Old Navy, Gap, Banana Republic, Athleta—and are focused on making continued progress on our Power Plan strategy and returning to growth, profitability, and long-term shareholder value.
Gap Inc. Vice President and Chief Financial Officer Katrina O’Connell mentioned: We are revising our fiscal 2022 outlook to reflect certain factors that have recently affected our performance, including Old Navy’s execution challenges, uncertain macro consumer environment, inflation, and the impact of China’s economic slowdown. Results are expected to improve modestly in the second half and accelerate heading into fiscal 2023. A long-term strategy is the right choice and we are taking steps to position our brand, platform and people for the significant opportunities ahead.
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