The clothing dealer GAP based in San Francisco continued its growth dynamics in the fourth quarter of 2024 with a comparable increase in sales of three percent. The net profit rose to $ 206 million compared to $ 185 million in the previous year.
However, net sales were $ 4.1 billion three percent below the previous year’s value. Shop sales fell by four percent, while online sales decreased by two percent.
“We have completed the year with another successful quarter that exceeded financial expectations and won market shares in the eighth quarter in a row,” said President and CEO Richard Dickson.
For the 2025 financial year, GAP expects sales growth of one to two percent, while net sales will probably stagnate or rise slightly in the first quarter. As part of its strategic plan, the company intends to close around 45 shops over the course of the year.
“With a view to the future, 2025 is an exciting step in our ongoing transformation, while we continue to work to become a powerful house of iconic US brands that offers our shareholders long-term value,” said Dickson.
This article was previously published on fashionunited.com and was used with digital tools translated.
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