Gap Inc, the owner of purpose-led, lifestyle brands including Old Navy, Gap, Banana Republic and Athleta, reported a 54 per cent in its online sales to over $6 billion during the fiscal year 2020. Its online sales represented 45 per cent of total sales leveraging the company’s competitive digital platform and omnichannel capabilities.

The company’s diluted earnings for the fourth quarter of FY2020 per share was $0.61 including approximately $0.45 for non-recurring tax benefits and approximately $0.12 in impairment charges related to the Intermix business resulting from a strategic review.

The company’s market share grew by 0.2 percentage points, ending the year at 5.5 per cent of total US apparel sales, supported by continued strategic investments in marketing and other demand-driving initiatives.

Net sales for the fourth quarter of fiscal year 2020 declined by 5 per cent to$4.4 billion COVID-mandated store closures in international markets and softer store traffic in select U.S. regions with stay-at-home restrictions impacted sales by an estimated 4 percentage points. In addition, strategically planned permanent store closures had an estimated sales impact of about 5 percentage points.

Online sales grew by 49 per cent compared with last year and represented 46 per cent of net sales in the fourth quarter, which was an increase of over 17 percentage points versus last year. Store sales declined by 28 per cent in the quarter, with impacts from COVID and strategic closures noted above.