Earnings

Gap (GPS) reports Q1 2021 earnings beat

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A Gap store in New York, August 2, 2020.

Scott Mlyn | CNBC

Gap said Thursday its fiscal first-quarter sales surpassed pre-pandemic levels, as shoppers turned to Old Navy and Athleta to refresh their wardrobes for summer.

The retailer raised its sales outlook for the full year as Gap’s namesake banner in North America shows early signs of improvement and e-commerce growth remains strong. The company said 80% of its sales are coming from outside of the traditional shopping mall: Either online, in strip centers or from street-level locations.

But Gap continues to face supply chain challenges, as well as obstacles in sourcing raw materials, as Covid cases keep rising in countries including…



Source cnbc.com

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