Gap Inc on Thursday reported a surprise profit in the first quarter, and its shares jumped 16% in extended trading as the apparel retailer cited restructuring efforts and easing supply chain costs.
The Gap logo is seen on the front of the company's store on Oxford Street in London, Britain, July 1, 2021. REUTERS/John Sibleyon Thursday reported a surprise profit in the first quarter, and its shares jumped 16% in extended trading as the apparel retailer cited restructuring efforts and easing supply chain costs.
The company has seen two consecutive quarters of lower inventory as it works to clear excess apparel purchased last year. Inventory volumes declined 27% from a year earlier, according to Chief Financial Officer Katrina O’Connell. Interim CEO Bob Martin in a post earnings call said job cuts should contribute to nearly $550 million in estimated annualized savings on a cumulative basis.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lenovo 4Q Rev $12.635B Vs. $16.69B |0992.HKBy Yifan Wang Lenovo Group's net profit fell 72% in its fourth quarter, as personal-computer sales continued to decline amid a deteriorating global economy...
Read more »
16-year-old girl killed by falling rock pillar in West BountifulA teenager died Tuesday after a pillar fell on top of her in West Bountiful, according to the police department.
Read more »
How the Hell Did Kali Fit “16 Years of Locs” Under a Wig?I almost didn't recognize her.
Read more »
It's Always Sunny in Philadelphia Season 16: New Season, More MadnessICYMI: With ItsAlwaysSunnyInPhiladelphia returning to FXX on June 7th, we have a new teaser that offers a lot of new looks in very little time. / IASIP SunnyFXX AlwaysSunny FXNetworks alwayssunny RMcElhenney GlennHowerton KaitlinOlson…
Read more »
The 16 times N.J. cop misconduct cases were settled for $1M or moreAn investigation by NJ Advance Media found 370 legal settlements across New Jersey police departments since 2019 involving allegations of misconduct. Of those 16 settlements involving 13 police departments were for at least $1 million.
Read more »
The 16 Best Movies on Max (aka HBO Max) Right NowFrom 'Parasite' to 'Moonage Daydream,' here are our favorite movies on the streaming service.
Read more »