The comments came during the Gap's virtual investor meeting, Bloomberg reported.
Gap said sales would expand by low- to mid-single digits annually as it tried to reach a profit margin of at least 10% by 2023.
The company also expects to close 350 Gap and Banana Republic stores in North America by year-end 2023. The bulk of the closures will be done by year-end 2021.
The company, which had 129 Gap-brand stores in Europe at the end of July, said late on Tuesday that options being explored include closing outlets in the UK, France, Ireland, and Italy by mid-2021, Reuters reported.
In addition, Gap is also exploring strategic alternatives in Europe that could see it partially shift from company-owned to partner model.
The company said that it saw sales at its Athleta activewear line reaching $2 billion annually by 2023. Net sales were up 6% last quarter, Bloomberg noted, while sales at Gap, Old Navy, and Banana Republic fell.
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