(Bloomberg) — Gap Inc. tempered the pace of its sales decline in the second quarter, outpacing analysts’ estimates by picking up e-commerce customers.
Sales for the period, which ended Aug. 1, fell 18% from a year earlier to $3.3 billion, higher than analysts’ projection of $2.9 billion. The company, which owns the Old Navy and Banana Republic brands, increased comparable-store sales 13%, but said this excludes days that stores were closed in the quarter. For that reason, the measure doesn’t line up directly with market estimates.
Online sales nearly doubled from a year earlier, mirroring gigantic gains at other U.S. retailers. Chief Executive Officer Sonia Syngal doesn’t expect to keep that pace with most of its stores now reopened. But she said new capabilities, like adding payment platforms PayPal and Afterpay, will help maintain a business that generated half the company’s sales last quarter.
Booming online sales often mean a