08 March 2022, Mumbai:
Gap, the American apparel behemoth, has released its fourth-quarter and fiscal-year 2021 results!
The US retail behemoth's fourth-quarter net revenues increased by 2% to $ 4.5 billion, while sales declined by 3% when compared to the same period last year. On a year-over-year (Y-o-Y) and two-year-ago basis, comparable sales increased by 3% in the fourth quarter. The retailer's fiscal year 2021 net sales increased by a stunning 21% year over year to a record US $ 16.7 billion, up from 2% in fiscal year 2019.
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Comparable sales for fiscal year 2021 increased by 6% year over year and 8% when compared to fiscal year 2019. The gross margin in Q4 was 33.7 percent (260 basis points lower than the adjusted gross margin in 2019), but it was 39.8 percent in 2021.
(improved 220 basis points versus 2019 adjusted gross margin).
Operating expenditures for the fourth quarter were US $ 1.5 billion, or 33.5 percent of net sales, while adjusted operating expenses were 33.3 percent of net sales.
On a reported basis, operational expenditures for the fiscal year 2021 were the US $ 5.8 billion, or 35.0 percent of net sales. Operating expenditures as a percentage of net sales were 34.3 percent.
"Today, we fully closed the books on FY 2021 by announcing fourth-quarter profits and reporting US $16.7 billion in net revenues, up 21% year over year."
This is the product of our whole Gap Inc. team's hard work and devotion to our consumers, which I witness in action every day. Our 100K+ strong team is working hard to develop our business, distinguish our brands, accelerate our transformation, and be a force for good in the face of continuous turbulence.
I'm optimistic about our growth plan as we begin 2022.
"I hope you're as energized as I am as you watch this wonderful montage of our Spring creative from Old Navy, Gap, Banana Republic, and Athleta – full of positivity, joy, and unity," says the designer. Sonia Syngal was cited in LinkedIn.
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CREDITS: Gap Inc. & Apparel Resources.
