Gap’s net sales come in 18% lower in Q2 due to COVID-19 restrictions

In a report on Thursday, Gap Inc. (NYSE: GPS) revealed an 18% year over year decline in sales in the fiscal second quarter. The company said that its digital sales were up 95% in the recent quarter. But store sales tanked 48% due to COVID-19 restrictions. In a bid to shore up finances, Gap is likely to close many of its countrywide stores. Shares of the company tanked roughly 1.5% in extended trading on Thursday. Including the price action, Gap is now trading around the same level at which it started the year 2020. Its performance in the stock market