Gap shares were up about 3% Friday morning after the retailer reported earnings and sales for its most recent quarter that topped forecasts and issued an upbeat outlook for the rest of this fiscal year. The stock has now soared nearly 35% in 2021.
Demand is apparently off the charts. During a conference call with analysts Thursday evening, Syngal said that"it's had a great response. We've had a much younger customer. We've had 75% of those customers being new to the Gap brand. And so we're excited to be out the gate." "Our classic Gap hoodie is having a moment, so much so that we reissued it in a vintage brown for preorder delivering this fall," she said during the call, adding there are"elevated search levels" for it on Google and that sales for the teen version of the hoodie is widely outpacing adult sizes.
The Gap is hoping that the Biles partnership will help Athleta"really begin to take traction with the girl customer," said Gap chief financial officer Katrina O'Connell on the conference call.
Kanye making cloths for Gap , drake making shirts for Spencers 🤣
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