Gap hails team effort for tripling quarter earnings
A turnaround in fortunes at fashion group Gap is down to improved retail disciplines, including better product assortments and inventory management, the retailer has revealed. Gap announced that earnings for the second quarter, to August 2, had tripled to US$209 million (£133.7 million), compared with US$56.8 million (£36.3 million) last time.
At its Old Navy chain, comparable sales were up 11 per cent, compared with a 1 per cent decline for the equivalent period last year. At Gap US, like-for-likes were ahead 9 per cent compared with -13 per cent, and at Gap International sales showed growth of 13 per cent against a 12 per cent loss last year.
'Our teams are doing an exceptional job,' said chief operating officer Paul Pressler.
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