LONDON (IT BOLTWISE) – Gap is seeing impressive sales growth thanks to a viral denim campaign featuring girl group Katseye. The campaign not only increased sales but also reignited interest in the brand. This is the strongest growth since the Christmas quarter of 2017.
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American fashion brand Gap has posted a remarkable 5% increase in comparable sales in its fiscal third quarter. This success is largely due to the viral “Better in Denim” campaign with the girl group Katseye. The campaign not only exceeded sales figures, but also reignited interest in the brand, representing the strongest growth since the holiday quarter of 2017.
CEO Richard Dickson said in an interview that the company is relying less on discounts to sell products. Gap is gaining customers from all income levels and is seeing a promising start to the holiday season. Despite macroeconomic challenges, especially for low-income consumers, customers find the price and quality of products attractive, resulting in a positive sales trend.
Gap’s sales beat analysts’ expectations, with earnings per share coming in at 62 cents, compared with expectations of 59 cents. Revenue rose to $3.94 billion, up 3% year-over-year. Despite a 14% decline in net income to $236 million, the company remains optimistic and expects full fiscal year revenue growth at the high end of forecasts.
Gap’s various brands, including Old Navy, Banana Republic and Athleta, performed differently. While Old Navy and Banana Republic posted positive sales, Athleta is struggling with an 11% decline in sales. However, Dickson emphasized that Athleta is in a transitional year and he believes in the brand’s long-term potential.
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