Gap Inc. saw net income rise to $258 million in the second quarter, from a loss of $62 million in the year-ago period.
“Our talented teams delivered our highest second-quarter net sales in over a decade,” said Syngal. “Our strategy is driving growth as evidenced by continued strength at Old Navy and Athleta, Gap brand’s second consecutive quarter of positive two-year comparable sales in North America, and momentum gaining at Banana Republic. Stepped-up marketing investments, improved brand management, and technology enhancements are paying off as our brand power cuts through.
Both retailers also cited decreased discounting and higher full-price selling, partly due to lower inventories stemming from supply chain bottlenecks. They expect the decline in promoting could continue into the holiday season, which would be a big change from the years and years of frenzied levels of promotional activity.
Strategic permanent store closures and the recent divestures of the Janie and Jack and Intermix businesses reduced net sales by approximately 8 percent versus 2019. In addition, the company estimates that COVID-19-related closures in markets outside of the U.S. resulted in approximately 2 percent of sales decline versus 2019.sales were up 21 percent versus 2019.
Athleta’s net sales were up 35 percent versus 2019. Comparable-store sales grew 13 percent year-over-year and 27 percent versus 2019. Following next week’s launch of Athleta online in Canada, the brand will soon be opening stores in Toronto and Vancouver.
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