Gap, showing resilience in online sales, will close 225 stores

Gap Inc. lost nearly $62 million in the second quarter and plans to close hundreds of stores, but executives lauded booming growth in e-commerce channels and a much-improved financial position for the company.

The country’s largest specialty apparel retailer brought 3.5 million new customers online in the quarter, a growth of 165% in new customer acquisition year-over-year, the company said Thursday in an earnings report after the markets closed. E-commerce revenue nearly doubled from last year.…

Source: The Business Journal