A man walks past a store on January 12, 2021 in New York City.
Angela Weiss | AFP | Getty Images
Gap Inc. on Thursday predicted a bounce back to sales growth in 2021, hopeful that customers will soon return to its stores and spend more money on apparel as they look to resume some social activities.
Its shares shot up more than 4% in after-hours trading.
The apparel maker reported fourth-quarter sales that came up short of estimates, as the ongoing coronavirus pandemic forced temporary store closures in Europe, parts of Asia and Canada. But it swung to a profit, thanks to its efforts to sell more merchandise at full price and progress it made shuttering underperforming stores.