365
Fashion Jobs
ADIDAS
Senior Specialist, Buying & Trading, E-Commerce
Permanent · SEOUL
ADIDAS
Manager, Personalization & Apps, E-Commerce
Permanent · SEOUL
ADIDAS
Senior Manager, Legal Counsel, Legal
Permanent · SEOUL
HENKEL
Finance Business Controller For Shiseido Professional Brand
Permanent ·
L'OREAL GROUP
[l'Oreal Korea] Kiehl's - CRM & Trade Mkt sr. Specialist~Manager
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (jr.) Claim Substantiation Specialist - Corporate Regulatory Affairs
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] (sr.) Product Manager - Kerastase Marketing Team, Ppd
Permanent · SEOUL
UNDER ARMOUR
Associate, HR Administration
Permanent · SEOUL
ARKET
Visual Merchandising Manager
Permanent · BUSAN
PUIG
Marketing Manager
Permanent · SEOUL
JAEGER
[Jaeger Lecoultre] Marketing & Communication Director
Permanent · SEOUL
ESTÉE LAUDER COMPANIES
Corporate Account Executive For Travel Retail Korea, Estee Lauder Companies
Permanent ·
ESTÉE LAUDER - BRAND
Assistant Education Manager, Estee Lauder
Permanent · SEOUL
L'OREAL GROUP
[l'Oreal Korea] Luxe Div. - Lancome E-Commerce Specialist
Permanent · SEOUL
COS
Instore Visual Merchandiser Manager_seoul/Gyeonggi
Permanent · SEOUL METROPOLITAN AREA
AESOP
Shinsegae Gwangju - Retail Consultant
Permanent · GWANGJU
COACH
Manager, Ecommerce
Permanent · SEOUL
ADIDAS
Manager, Business Planning & Analysis, Wholesales
Permanent · SEOUL
HENKEL
Adhesive Key Account Manager For Sports And Fashion Market
Permanent · BUSAN
HENKEL
Consumer Brands General Manager Assistant
Permanent ·
HYPEBEAST
Brand Partnership Manager
Permanent · SEOUL
ADIDAS
Manager, Retail Marketing - Originals, Brand Adidas
Permanent · SEOUL
By
Reuters
Published
May 28, 2021
Reading time
2 minutes
Download
Download the article
Print
Text size

Gap raises 2021 forecasts as apparel shopping gains momentum

By
Reuters
Published
May 28, 2021

Gap Inc raised its forecast for annual sales and profit, expecting an unabated surge in demand for new apparel as more people begin to step out and socialize after a year of hunkering down at home due to the pandemic.


First-quarter net sales surged 89% to $3.99 billion from a year earlier, beating expectations of $3.45 billion - Gap Inc


The San Francisco-based retailer's shares, which have gained nearly 75% this year, rose 2% in extended trading on Thursday after Gap swung to a first-quarter profit.

Following what is seen as a boom quarter for the retail sector, Gap is also reaping its benefits after having suffered at the peak of the health crisis last year that followed years of weak sales due to intense competition and a shift to online shopping.

Since last year's low, Chief Executive Officer Sonia Syngal has worked to revive the company's brands through celebrity partnerships, including those with rapper Kanye West's Yeezy and Olympic gymnast Simone Biles, and a focus on online selling.

"We saw a resurgence in summer fashion with dresses rebounding, showing that customers are emerging from the crisis wanting to express their style," Syngal said.

She expects digital sales to sustain even as store traffic returns, and demand for active and fleece apparel to grow as people look for comfort and convenience.

Gap expects fiscal 2021 net sales to grow in the low-to-mid 20% range from a year earlier, compared with its prior projection of mid-to-high teens rise.

Analysts were forecasting sales growth of 17.8%, according to IBES data from Refinitiv.

Gap sees diluted earnings between $1.55 and $1.70 per share, up from its prior forecast of $1.20 to $1.35.

First-quarter net sales surged 89% to $3.99 billion from a year earlier, beating expectations of $3.45 billion.

Net income stood at $166 million compared with a loss of $932 million. On an adjusted basis, Gap earned 48 cents per share.

© Thomson Reuters 2024 All rights reserved.