Gap Inc.'s first-quarter sales fell 43%, the clothing maker reported Thursday, as its stores were shut for much of the period due to the coronavirus
Chief Executive Sonia Syngal said in a statement that sales continued to decline into May, after the first quarter ended, but the retailer had online growth of more than 100% during the month.
As of Thursday, more than 1,500 stores are back open for business in North America, Syngal said, which is about 55% of the company’s base and is ahead of schedule. Gap is planning to have most of its stores reopened this month, she said. And reopened stores are averaging sales of about 70% their normal levels, with the Old Navy brand driving that rebound, the company said.
However, 20 of Gap’s stores have sustained “extensive damage” due to the looting that has broken out amid nationwide protests for the death of George Floyd, the CEO said during a post-earnings call with analysts. She said the company is working to get those locations back open as quickly, and safely, as possible.
Gap shares were falling around 4.5% in after-hours trading on the news.
Here’s how the company did during its fiscal…