Gap tempered the pace of its sales decline in the second quarter, outpacing analysts’ estimates by picking up e-commerce customers.
Sales for the period, which ended August 1, fell 18 per cent from a year earlier to $3.3 billion (Dh12bn), higher than analysts’ projection of $2.9bn. The company, which owns the Old Navy and Banana Republic brands, increased comparable-store sales 13 per cent, but said this excludes days that stores were closed in the quarter. For that reason, the measure doesn’t line up directly with market estimates.
Online sales nearly doubled from a year earlier, mirroring gigantic gains at other US retailers. Chief executive Sonia Syngal doesn’t expect to keep that pace with most of its stores now reopened. But she said new capabilities, like adding payment platforms PayPal and Afterpay, will help maintain a business that generated half the company’s sales last quarter.
Booming online sales often mean a hit to margins because of increased shipping costs and this was the case for Gap last quarter. But the company said that negative impact would be reduced in the second half of the year, with less shipping from stores, which is more expensive. Shipping from stores was elevated earlier in the year because they didn’t have the inventory in online warehouses to meet demand.
Except for Banana Republic, Gap’s brands posted positive comparable-store sales for the days in the quarter that they were open. The company will also keep closing Banana Republic and Gap brand stores, with a 225 combined reduction this year.
Banana Republic in particular faces a challenging outlook, with many of the offices that its apparel are designed for closed during the pandemic. The chain, which represents less than 10 per cent of the company’s sales, can still be turned around, Ms Syngal said in an interview. The focus on suits and dresses in the first half of the year didn’t fit the work-from-home movement, and now the company is shifting the assortment to more casual wear.
As expected, Athleta was a bright spot. It was the only brand to report a net sales increase in the quarter, with a gain of 6 per cent. Work-at-home consumers are snapping up sportswear during the pandemic. This also backs up the premise that Athleta is being undervalued by investors.
The company also shifted some of its supply chain to make masks during the quarter and turned this into a $130 million business, accounting for about 4 per cent of total sales.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
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What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
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Price: From Dh149,900
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
More coverage from the Future Forum
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
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What sanctions would be reimposed?
Under ‘snapback’, measures imposed on Iran by the UN Security Council in six resolutions would be restored, including:
- An arms embargo
- A ban on uranium enrichment and reprocessing
- A ban on launches and other activities with ballistic missiles capable of delivering nuclear weapons, as well as ballistic missile technology transfer and technical assistance
- A targeted global asset freeze and travel ban on Iranian individuals and entities
- Authorisation for countries to inspect Iran Air Cargo and Islamic Republic of Iran Shipping Lines cargoes for banned goods
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UAE currency: the story behind the money in your pockets
