Earnings

Gap (GPS) reports Q1 2020 net loss, shares fall

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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 pandemic. 

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…



Source cnbc.com

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