The San Francisco-based lifestyle retailer announced a net loss of $152 million, or $0.40 per diluted share, for the third quarter, on Tuesday, as the company struggled with ongoing global supply chain issues.
Gap Inc on Thursday raised its full-year net sales forecast for the second time, betting on hot demand for its Old Navy and Athleta clothing brands as socializing makes a comeback with easing pandemic curbs.
Gap Inc raised its forecast for annual sales and profit, expecting an unabated surge in demand for new apparel as more people begin to step out and socialize after a year of hunkering down at home due to the pandemic.
Apparel retailer Gap reported a surprise 13% rise in quarterly comparable sales on Thursday, as consumers stuck at home due to the COVID-19 pandemic bought more of its Old Navy and Athleta clothing online.
Gap Inc. announced on Monday that it was extending its store closures, forcing the company to furlough the majority of its store teams in the United States and Canada, as well as head office employees globally.
Gap Inc on Thursday withdrew its full-year forecast issued two weeks ago, suspended its dividend and said it will draw down on its $500 million credit facility as the retailer looks to weather the coronavirus crisis.