Top executives said the long-ailing Gap brand is recovering and Old Navy is approaching $10 billion in annual revenues.
Gap Inc., moving out from under the grip of COVID-19, has new goals and hopes to achieve them through the “hard work” of reducing fixed costs and investing in “demand generation” to grow the business.
“We are playing to win and to grow top and bottom lines as opposed to the flat business of garnering the bottom line,” Syngal said at the Deutsche presentation. “We’re dealing with the hard work, the restructuring work, necessary to set this company up for the next chapter.” That hard work includes continuing to rationalize the retail real estate and review international markets.
Old Navy, the CEO said, is approaching $10 billion in annual sales and “delivering on all cylinders.” The division recently launched intimates and is taking extended sizes to all of its 1,300 stores. Old Navy generated $7.54 billion in revenues last year and $7.98 billion in 2019. Gap Inc. generated $13.8 billion in sales last year and $16.4 billion in 2019.
According to Syngal, Old Navy’s average unit price is $12. At Gap, it’s $20; BR, $35, and Athleta, $50.
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