Financial results released by Gap Inc for its second quarter ended July 30, 2022 show, the company’s net sales declined by 8 per cent to $3.86 billion compared to last year. Compared sales declined by 10 per cent Y-o-Y while online sales declined 6 per cent to represent 34 per cent of total net sales. Store sales declined 10 per cent compared to last year. The company ended the quarter with 3,390 store locations in over 40 countries, of which 2,799 were company operated.

The company expects to open about 30 to 40 Athleta stores and 20 to 30 Old Navy stores in fiscal year 2022. As part of its 350-store closure plan, the company continues to expect to close about 50 Gap and Banana Republic stores in North America during the year.