Ecommerce earnings recap: Gap, Ulta Beauty and more

The latest ecommerce earnings results are out from retailers in Digital Commerce 360’s Top 2000 Database. Gap Inc. ecommerce sales were up 3% year over year, even as net sales remained flat. Elsewhere, Ulta Beauty net sales increased 9.3% year over year as omnichannel sales played a growing role.

Parentheses indicate the merchant’s ranking in the Top 2000, unless otherwise noted. The database ranks North America’s largest ecommerce retailers by their annual web sales.

This week’s ecommerce earnings takeaways

Gap Inc. ecommerce sales grew 3% year over year, accounting for 34% of total Q2 net sales.
Ulta Beauty net sales were up 9.3% in its fiscal Q2, as “half of ecommerce orders were fulfilled by the stores,” its CEO said.

Abercrombie & Fitch Co. (No. 40)

Q2 2025 net sales: Abercrombie & Fitch net sales increased 6.6% year over year to $1.2 billion in its fiscal second quarter ended Aug. 2. Fran Horowitz, CEO at Abercrombie & Fitch, told investors that the company credited positive traffic “across both stores and digital direct channels in Q2” for its gains.

Alibaba Group Holding Limited

Q1 2026 revenue: Alibaba Group Holding Limited said revenue grew 1.8% year over year to $34.6 billion in its fiscal first quarter. CEO Eddie Wu said Alibaba’s strategy remains fixed on “consumption and AI + Cloud,” asserting that these are the company’s two pillars for long-term growth.

Bath & Body Works Inc. (No. 68)

Q2 2025 net sales: Bath & Body Works Inc. recorded net sales growth of 1.5% year over year to $1.5 billion in its fiscal Q2 ended Aug. 2.

“We are moving with urgency on three no regret moves: elevating the digital experience, amplifying product efficacy, and expanding distribution to meet consumers where they are to unlock opportunities for durable long-term growth,” said Daniel Heaf, chief executive officer of Bath & Body Works, in its earnings release.

Digital platform improvements at Bath & Body Works: Heaf detailed the current digital priorities at Bath & Body Works during its Aug. 28 earnings call. He said the retailer was “making rapid progress” to address both consumer experience and revenue growth for its digital business.

“Our focus is on elevating our digital platform to meet the expectations of today’s consumers, delivering [a] more experiential frictionless and convenient way to shop,” Heaf stated. “Improving our digital platform is expected to drive stronger results both online and in stores. Starting this September, you will see meaningful improvement across our digital platforms, including enhanced functionality, better product imagery and copy and richer and more emotional storytelling.”

Best Buy Co. Inc. (No. 8)

Q2 2026 revenue: Best Buy Co. Inc. reported a 0.9% revenue increase year over year to $8.7 billion in its fiscal second quarter ended Aug. 2. Comparable sales were up 1.1% for the same period.

Dick’s Sporting Goods Inc. (No. 31)

Q2 2025 net sales: Dick’s Sporting Goods Inc. recorded a 5.0% net sales increase year over year to $3.6 billion in its fiscal second quarter ended Aug. 2. The results came as the retailer announced that it expects the Dick’s Sporting Goods Foot Locker acquisition to close on Sept. 6.

Dick’s Sporting Goods ecommerce sales: Lauren Hobart, the president, CEO and director at Dick’s Sporting Goods, stated during its Aug. 28 earnings call that the retailer’s “multibillion-dollar highly profitable ecommerce business is standing out as a growth driver.” Moreover, she said its ecommerce business was “once again growing faster this quarter than the company overall.”

Hobart highlighted the retailer’s ecommerce app as “instrumental in creating a strong launch culture across key categories, driving energy and sell-through.”

Artificial intelligence at Dick’s Sporting Goods: “We’re investing in tools for our teammates so that they use RFID to help find products around the store and to be able to send products faster to athletes,” Hobart explained during the call. “And we have AI embedded in many of these tools.”

Among the ways Dick’s is deploying AI solutions, Hobart cited “search function, supercharged search on [ecommerce] that is based on AI enablement” and “teammate scheduling and product and merch assortment planning.”

Gap Inc. (No. 20)

Q2 2025 revenue: Gap Inc. reported flat net sales growth year over year for $3.7 billion during its fiscal second quarter ended Aug. 2. Net sales at its brands Banana Republic, Gap and Old Navy were each up 1% year over year. Meanwhile, net sales for Athleta fell 11% from a year earlier.

Gap online sales: Ecommerce sales proved to be a strong point for Gap during its second quarter. The retailer shared that online sales grew 3% from a year earlier, accounting for 34% of its total net sales.

AI tools for Gap’s workforce: During Gap’s Aug. 29 earnings call, CEO Richard Dickson told investors that one of the current priorities in the company’s technology investment efforts is creating better outcomes for its employees. He said Gap is “investing in technology to optimize processes and create a digitally enabled workforce, unlocking productivity, sharpening accuracy and empowering our teams to do their best work.”

“This includes leveraging AI in demand planning, supply chain and everyday workflows, giving teams more time to focus on innovation, storytelling and strategy,” he explained.

Urban Outfitters Inc. (No. 29)

Q2 2026 net sales: Urban Outfitters Inc. net sales grew 11.3% year over year to $1.5 billion in its fiscal second quarter ended July 31. Net sales for Urban Outfitters’ retail segment were up 5.6% year over year for the quarter, which the company attributed to sales growth in retail store sales and digital channel sales. For the six-month period ending July 31, Urban Outfitters reported that its retail segment saw “mid single-digit positive growth in both retail store sales and digital channel sales.”

Consumer sentiment: “We think the consumers are feeling very optimistic, and we have noticed that they’re behaving accordingly,” said Richard Hayne, the co-founder, chairman and CEO at Urban Outfitters. “From our customer purchasing data, Q2 shows that, well, we told you the comp sales were up very nicely in mid-digits, but traffic was very positive, both in the stores and online.”

Ulta Beauty Inc. (No. 35)

Q2 2025 net sales: Ulta Beauty Inc. recorded net sales growth of 9.3% year over year to $2.8 billion in its fiscal second quarter ended Aug. 2. The company cited 6.7% comparable sales growth for the same period, along with its Space NK acquisition and new store performance among its growth drivers. Comparable sales for Ulta include both sales for stores open at least 14 months and ecommerce sales.

Ecommerce upgrades: Kecia Steelman, president, CEO and director at Ulta Beauty, told investors that recent digital enhancements “contributed to strong measurable results in ecommerce.”

“During the second quarter, we continued to expand automation and real-time delivery content, enabling us to deliver a more personalized customer experience across key digital channels,” Steelman stated. “New features like Split Cart and recently launched Replenish and Save combined with personalized recommendations are removing friction, increasing relevance and driving measurable results.”

Ulta Beauty omnichannel sales: “We’re leveraging our power as an omnichannel retailer to deliver speed to guests and provide more choices in the way they shop,” Steelman said during Ulta’s earnings call. “During Q2, half of ecommerce orders were fulfilled by the stores.”

She said that was the “highest rate Ulta Beauty has ever recorded.”

Victoria’s Secret & Co. (No. 39)

Q2 2025 net sales: Victoria’s Secret & Co. reported a 3.0% net sales increase year over year to $1.5 billion in its fiscal second quarter ended Aug. 2. International sales grew 21.8% year over year. Meanwhile, sales at stores in North America were up 3.1% and direct sales fell 5.5% for the same period.

May cyberattack: The second quarter included multiple days of downtime for the Victoria’s Secret website as the company addressed a security breach. Scott Sekella, the chief financial and operating officer at Victoria’s Secret, called the retailer’s total net sales performance “noteworthy, given the security incident in May, which negatively impacted net sales during the quarter by approximately $20 million.”

Sekella stated during an earnings call that comparable sales “grew 4%, which excludes the digital outage, both reflecting sequential improvements over the prior quarter and significantly above our expectations with growth across both Victoria’s Secret and PINK.”

Tariffs’ impact for Victoria’s Secret: “Importantly, despite tariff headwinds, we drove gross margin rate expansion in the quarter to go along with the sales growth, driven by disciplined inventory management and our evolving promotional approach in the business,” said Sekella. “Although we recognize that the macro environment remains uncertain, we are excited about the product newness and customer experiences we have planned for the second half of the year.”

Other recent ecommerce earnings results

Amazon.com, Inc. (No. 3)

Q3 2025: Amazon.com Inc.’s net sales rose 13% year over year to $167.7 billion in its fiscal second quarter ended June 30. North America segment sales grew 11% to $100.1 billion. Excluding foreign exchange effects, total net sales increased 12% year over year.

The Buckle Inc. (No. 393)

Q2 2025 net and online sales: The Buckle Inc. said net sales increased 8.3% year over year to $305.7 million in its fiscal second quarter ended Aug. 3. Online sales, which were up 17.7% to $43.6 million for the period, grew faster than comparable store net sales. The latter increased 7.3%.

Tariffs impact for The Buckle: “On the tariffs, we continue to see kind of the same as earlier, at least as of today, where we’re seeing low to mid-single digits on average on cost increase,” said Dennis Nelson, president, CEO and director at The Buckle, during its earnings call. Nelson noted that the apparel retailer has “a wide range of vendors.” Regardless, in some cases the company is “not seeing any increase.”

However, in the cases of “select brands,” The Buckle has seen “a few higher single-digit” cost increases, Nelson stated. He assessed that “the average overall is in the low to mid-single-digit cost increase that we’re seeing going forward.”

The Estée Lauder Companies Inc. (No. 42)

Q4 2025 net sales: The Estée Lauder Companies Inc. reported net sales declined 12.0% year over year to $3.4 billion in its fiscal fourth quarter ended June 30. The drop-offs occurred across regions and product categories, with fragrances as the lone exception. There, sales were up 4% year over year on a reported basis.

Amazon presence helps Estée Lauder online sales: Speaking to investors on Estée Lauder’s quarterly earnings call, Stéphane de La Faverie, president and CEO at Estée Lauder, noted that the beauty and makeup company was seeing early success after launching its brand The Ordinary in the U.S. Amazon Premium Beauty store during its fiscal third quarter. It followed by launching its Origins and Aveda brands there as well in Q4. In addition, it put Estée Lauder and Aveda in the Amazon Premium Beauty store in Canada.

“Amazon not only is adding new consumers for us, but it’s also acting a little bit as a megaphone to our total business because Amazon is not only a commerce platform, but it’s also the majority of the beauty search that is happening in the market,” he stated.

Online sales in Southeast Asia: De La Faverie shared some results from Estée Lauder’s digital efforts in Southeast Asia, where it built and scaled out its presence on Shopee and TikTok Shop during Q3 and Q4.

“This action complemented second-half growth from our existing presence in fast-growing online retailers like Tmall and Douyin,” he stated. “As a result, online organic sales growth accelerated from low single digit in the first half to mid-single digit in the second half. Online reached 31% of reported sales for fiscal ’25, up 3 percentage points from fiscal ’24 to an all-time record, and we expect online mix to climb higher still.”

The Home Depot Inc. (No. 4)

Q2 2025: The Home Depot Inc. said net sales jumped 4.9% year over year to reach $45.28 billion in its fiscal second quarter ended Aug. 3. Meanwhile, online sales increased 12% year over year as the home improvement retailer worked to speed up fulfillment.

Read more on Home Depot’s online sales here.

La-Z-Boy Incorporated (No. 251)

Q1 2026 sales: La-Z-Boy Incorporated recorded a sales decrease of 0.7% year over year to $492.2 billion in its fiscal first quarter ended July 26. The furniture retailer saw growth in its retail and wholesale business. Nevertheless, those gains were offset by a decline in sales from its Joybird brand.

“For Joybird, reporting corporate and other delivered sales were $28 million, down 20% versus the prior year quarter, with store performance stronger than the online business,” said Taylor Luebke, senior vice president and chief financial officer at La-Z-Boy, during its earnings call. “Joybird operating loss increased versus the prior year due to low delivered volume.”

La-Z-Boy’s position facing tariffs: Asked about the current tariff environment during its earnings call, Melinda Whittington, board chair, president and CEO at La-Z-Boy, assessed that “the vast majority of our product is manufactured here in North America, so we’re not as impacted by tariffs.”

In regard to tariffs on imports from Canada into the U.S., Whittington spoke directly. She said pricing changes were helping to offset new costs.

“I’d just call out that on the Canada side of things, with the 25% retaliatory tariff, of course, our product that we sell in Canada is primarily manufactured in the U.S. with a little bit of Mexico,” she stated. “And so we have — with that pricing going through, we’ve seen an offsetting elasticity on units. So that business is holding steady but down on units and offset by pricing, but around the U.S., no big geographic shifts.”

Lowe’s Companies Inc. (No. 11)

Q2 2025: Lowe’s Companies Inc. reported total sales increased of 1.6% year over year to $24.0 billion in its fiscal second quarter ended Aug. 1. The home improvement retailer’s online sales grew 7.5% over the same period. Those results were helped by its Lowe’s Rewards program and interest in its new home improvement creator network.

Read more on Lowe’s online sales here.

Target Corporation (No. 5)

Q2 2025: Target Corporation recorded a net sales drop of 0.9% year over year to $25.2 billion in its fiscal second quarter ended Aug. 2. Despite overall challenges, the retailer’s online sales increased 4.3% from a year earlier. Target credited 25% growth in same-day delivery through its Target Circle 360 paid membership program growth in Drive Up use.

Read more on Target’s online sales here.

The TJX Companies Inc. (No. 59)

Q2 2026 net sales: The TJX Companies Inc. recorded a net sales increase of 6.9% year over year to $14.4 billion in its fiscal second quarter ended Aug. 2. The apparel retailer’s leadership expressed confidence in its quarterly results. In addition, they characterized a strong inventory position heading into the holiday season.

“Balance sheet inventory was up 14% and inventory on a per-store basis was up 10% versus last year as we’ve been buying into the excellent opportunities for quality branded merchandise we’ve been seeing in the marketplace,” said John Klinger, senior executive vice president and chief financial officer. “We are confident that availability of merchandise will continue to be outstanding and that we are well positioned to flow fresh assortments to our stores and online this fall and holiday season.”

Tariffs impact on TJX: “As for tariffs, our third quarter, fourth quarter and full-year guidance assumes that we’ll be able to offset the incremental tariff pressure on our business this year,” Klinger told investors. “We’re making an assumption that the current level of tariffs on imports into the U.S. will stay in place for the remainder of the year.”

TJX implied guidance for its fiscal Q4 currently assumes that overall comp sales would be up 2% to 3%, Klinger explained. He said that pretax profit margin is expected to “be in the range of 11.7% to 11.8%.” That would be “up 10 to 20 basis points versus last year.”

Walmart, Inc. (No. 2)

Q2 2026: Walmart Inc.’s total sales were up 4.8% year over year to $177.4 billion in its fiscal second quarter ended July 31. Online sales alone increased 25% over the same period. CEO Doug McMillon said Walmart would keep prices “as low as we can for as long as we can” in the face of tariffs.

Ecommerce earnings calendar

Here’s when other ecommerce earnings are scheduled to report this quarter:

Academy Sports + Outdoors: Sept. 2
Signet Jewelers: Sept. 2
Dollar Tree: Sept. 3
Macy’s: Sept. 3
Salesforce: Sept. 3
American Eagle: Sept. 3
1-800-Flowers.com: Sept. 4
Shoe Carnival: Sept. 4
Lululemon Athletica: Sept. 4

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Ecommerce earnings recap: What you missed from Gap, Ulta Beauty and more