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Pic: Shutterstock Gap Inc, a US-based specialty apparel company, has reported its financial results for the fourth quarter (Q4) FY20 ended on January 30, 2021. Sales during the quarter were down to $4.4 billion compared to the sales of $4.6 billion in the same quarter previous fiscal. Company’s net income during Q4 FY20 was $234 million (Q4 FY19: net loss $184 million). Online sales grew 49 per cent representing 46 per cent of net sales in Q4 FY20, which was an increase of 17 per cent compared to previous year. On the other hand, store sales declined 28 per cent in the quarter, with impacts from Covid and strategic closures noted above.
Walmart has announced a strengthened commitment to US jobs and communities, with a goal of investing $350 billion in the future of US manufacturing over the next 10 years..
Associated British Foods expects to incur a sales loss during store closures in 2021 first half at £1.1 billion. It expects Primark sales in the first half to be £2.2 billion.
Retail sales in Germany fell more than expected in January this year as the COVID-19-induced lockdown and the withdrawal of a temporary cut in sales tax hit consumer spending..
The British Retail Consortium (BRC) has welcomed the extension of key business funding schemes in the budget, saying the announcement provides some targeted support to struggling.