Gap's fiscal third-quarter earnings fell short of estimates, despite sales gains at Old Navy and Athleta.
Under CEO Sonia Syngal, the retailer has centered investments around new advertising to clearly define each of its core brands. The effort kicked off with recent holiday-themed commercials, in a bid to gain market share in key categories like women's workout apparel and denim. The company is still working to turn around its Gap and Banana Republic divisions, however, and has named a new chief, who has experience with consumer goods, to lead the latter.'s health division, to a newly created position of chief growth officer, effective in January.For the quarter ended Oct. 31, Gap earned $95 million, or 25 cents per share, compared with $140 million, or 37 cents a share, a year earlier. That came in short of expectations for earnings of 32 cents per share.
Gap said it also saw a 56% increase in net sales volume from a year ago for orders delivered to customers through either curbside pickup or its buy online, pick up in store offering. Many companies have been touting and pushing these options during the pandemic, as a way to still utilize their stores, cut back on shipping expenses and limit contact with consumers.
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