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.
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.
The American fashion group has announced that it has appointed IMG as its first ever exclusive multi-brand licensing representative, a partnership that opens the door for a range of cross-category product extensions.
Gap Inc warned on Thursday it may not survive the next 12 months intact and would need to borrow more funds in the face of widespread coronavirus shutdowns that have crippled the business of clothing retailers globally.
Gap Inc on Thursday said comparable sales for the fourth-quarter fell less-than-expected, as the coronavirus continues to spread across the globe causing supply chain delays and sales halts for the world's retailers.