Groupon is having a smashing day, likely generating over $4 million in net revenue, thanks to a deal with the Gap.

Today’s Groupon gives users a $25 discount at the Gap if consumers spend over $50 at the store. If you think it sounds like a good deal, you’re not alone.

CEO Andrew Mason tells us that as of 4:43 ET, Groupon has sold over 300,000 Gap deals. That puts Groupon’s gross revenue for the day at $7.5 million ($25X300,000).

Mason wouldn’t say how much Groupon keeps, but previously we’ve heard it’s around 50%. So, Groupon’s net revenue could be $3.75 million already, and the day’s not over yet. It will keep selling deals and it will generate much more than $4 million today.

TechCrunch thinks Groupon could do 700,000 sales today for gross revenue of $17.5 million.

And by the way, in case you ever had any doubts about Groupon justifying the $1.2 billion valuation from its most recent round of funding, consider that today’s sales number annualized equals $1.4 billion in sales.

See Also: Groupon Explainer And Office Tour

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