A portfolio of purpose-led, lifestyle brands including Old Navy, GAP, Banana Republic, and Athleta, and the largest specialty apparel company in the U.S., reported first quarter fiscal year 2021.
The company reported sales growth of 8% over 2019 pre-pandemic, drove meaningful market share gain in the U.S., converted customers into loyalists, and grew online sales by 61%.
First quarter comparable sales increased 28% year-over year, and 13% versus 2019.
Net sales of $4 billion were up 89% versus 2020 and up 8% compared to 2019 pre-COVID levels.
Sonia Syngal, CEO, Gap Inc SA “As stores traffic came back, we sustained our digital dominance with 82% online growth versus 2019. And while Active and Fleece continue to soar, we saw a resurgence in summer fashion with dresses rebounding, showing that customers are emerging from the crisis wanting to express their style without sacrificing the comfort and digital convenience they’ve become accustomed to. Through the power of our brands, platform and portfolio, we deliver it all.”
The company estimates that COVID-related closures in markets outside of the U.S. resulted in approximately 2% of sales decline versus 2019.
Old Navy Global: Net Sales were up 27% versus 2019, and the brand maintained its position as the #2 apparel brand in the U.S. [1]
Growth in key categories like active and fleece remain strong, and seasonal categories are now trending favorably as consumers move into a new phase of pandemic recovery, planning vacations and summer activities.
Net Sales declined 16% versus 2019, with permanent store closures resulting in an estimated 11% sales decline, and international COVID-closures driving an estimated 4% decline on a 2-year basis.
The North America business is healthy and growing, with first quarter comparable sales up 9% on a 2-year basis.
Banana Republic Global: Net Sales declined 29% versus 2019. Comparable sales were down 4% year-over-year and down 22% versus 2019.
Redefining casual luxury and heightened creativity are top priorities as the team lays the foundation for transformation.
Banana Republic showed off floral windows to welcome Spring, and in support of emerging designers worldwide, launched a capsule collection with Prep Curry that was largely sold out in under 1 week.
