Store closures hit Gap's Q1 sales, posts 43 percent decline

Gap Inc.’s first quarter net sales were down 43 percent, as the company said, momentum in the first 35 days of the quarter was more than offset by meaningful deceleration in demand after temporary store closures beginning in mid-March. While the company’s first quarter online sales increased 13 percent, store sales decreased 61 percent compared to the first quarter fiscal 2019, driven by temporary store closures.