Online demand boosts Gap's Q2, comparable sales increase by 13 percent

Net sales at Gap Inc., were down 18 percent year-over-year to 3,275 million dollars, reflecting a 95 percent increase in online sales, offset by a 48 percent decline in store sales, which were impacted by partial closures during the quarter. During May, the company said in a statement, Gap began reopening stores previously closed as a result of the Covid-19 pandemic, with approximately 90 percent of its global fleet open as of August 1. The company added that second quarter comparable sales were up 13 percent, driven by the strength of Gap’s scaled e-commerce business, which added over 3.5 million new customers during the quarter.