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…