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Gap reports surprise rise in comparable sales fueled by online demand

Gap reports surprise rise in comparable sales fueled by online demand

FILE PHOTO: A Gap Inc. retail store is shown in La Jolla, California, U.S., May 17, 2017. REUTERS/Mike Blake

NEW YORK: Apparel retailer Gap Inc reported a 13 per cent rise in quarterly comparable sales on Thursday, with shoppers buying Old Navy, Athleta and Gap clothing online as the company's stores remained shut due to the COVID-19 pandemic.

Analysts had forecast a 20.97per cent fall in comparable sales, according to IBES data from Refinitiv.

The San Francisco-based retailer reported a net loss of US$62 million, or 17 cents per share, for the second quarter ended Aug 1, compared to a profit of US$168 million, or 44 cents per share, a year earlier.

Source: Reuters

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