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Gap (GPS) reports Q2 2020 loss per share, sales drop 18%

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Gap Inc. said Thursday its total sales tumbled 18% during the latest quarter, as e-commerce revenue surged 95% from a year ago, but those gains were offset by a 48% drop in store sales during the coronavirus pandemic

It swung to a net loss from a year ago, as the lower sales combined with additional shipping expenses for all of those online orders weighed on profits. 

Its shares jumped more than 6% in after-hours trading. 

Here’s how Gap did during its fiscal second quarter compared with what analysts were expecting, based on Refinitiv data: 

  • Loss per share: 17 cents vs. a loss of 41 cents expected 
  • Revenue: $3.28 billion vs. $2.91 billion expected 

For the period ended Aug. 1, Gap…



Source cnbc.com

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