There was a time when Gap was one of the retail destinations for the mall era. Those days are seemingly long gone and Gaps sales are reflecting that. Despite sales growth from Old Navy and Athleta, Gap reported a very disappointing Q2. Net income slumped by 32.1 percent year-over-year, down to 95 million USD, while $4 billion USD sales figures saw no gain or loss over the last quarter.
“Our third quarter results reflect our Power Plan 2023 in action — specifically the strength of our online business, which comprised 40% of sales,” said Sonia Syngal, Gap Inc CEO, in a statement. “With our teams focused on sales growth and returning to profitability, we’ve made investments in demand generation that are driving engagement, particularly in this dislocated market as customers are looking to trusted brands to provide easy and safe shopping options.”