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Markets News

Gap reports surprise rise in comparable sales fueled by online demand

Aug 27 (Reuters) - Apparel retailer Gap Inc reported a 13% rise in quarterly comparable sales on Thursday, with shoppers buying Old Navy, Athleta and Gap clothing online as the company’s stores remained shut due to the COVID-19 pandemic.

Analysts had forecast a 20.97% fall in comparable sales, according to IBES data from Refinitiv.

The San Francisco-based retailer reported a net loss of $62 million, or 17 cents per share, for the second quarter ended Aug. 1, compared to a profit of $168 million, or 44 cents per share, a year earlier.

Reporting by Nivedita Balu in Bengaluru; Editing by Vinay Dwivedi

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