While retail analysts cite market share declines, lack of creativity and at Old Navy 'a fall from grace,' Gap Inc. officials point to cleaner inventories, room for further cost savings and a new CEO soon to arrive.
But O’Connell also said, “The first quarter is trendingAcross the Gap Inc. divisions, “There will be less promotional activity, particularly atGap Inc. executive chairman and interim chief executive officer Bob Smith said the board is close to naming a new CEO, to succeed. Smith also said three senior level executives — chief growth officer Asheesh Saksena; Mary Beth Laughton, president and CEO of Athleta, and Sheila Peters, chief people officer, have left or will leave the company.
After the San Francisco-based company reported a $273 million loss and 6 percent sales decline for the fourth quarter, Gap’s share price dropped around 5 percent Thursday, and continued to decline Friday, losing 6.13 percent to close at $10.87. “Unfortunately, Gap is unable to use the excuse that it was up against tough prior-year numbers. For while the final period of 2021 was a boon for many retailers, Gap’s performance was anemic. This leaves the company in the unenviable position of seeing a continual decline in market share over a long period of time. Indeed, compared to the same period in 2019, Gap’s overall sales have shrunk by 9.2 percent and sales in its U.S. operation are down by 5 percent.
He said Banana Republic did have “a nice run of growth” but stumbled due to store closures, a shift away from work-casual styles, and a lack of newness over the holiday.
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.
23,000-Year-Old Teeth Fill an Ice-Age GapA new paper reports the finding at the Cave of the Malalmuerzo of 23,000-year-old human teeth – the remains of a person who would have lived during the Last Glacial Maximum (LGM), making them the first of their kind.
Read more »
Disinformation Inc: State Department misses deadline to provide info on conservative blacklistsThis is part of a Washington Examiner series on self-styled 'disinformation' tracking groups that are blacklisting and trying to defund conservative media. Here is where you can read other stories in the series.
Read more »
State agreement with Goldbelt Inc. moves Cascade Point terminal project forwardLeaving from Cascade Point instead of Auke Bay could shave 30 miles off the trip from Juneau to Haines and Skagway, reducing travel time on the ferry by an hour and a half or more.
Read more »
Disinformation Inc: 12 Republicans press State Department over grants to Global Disinformation IndexEXCLUSIVE: GOP members of Congress demanded answers from StateDept over it bankrolling a 'disinformation' tracking group that is blacklisting and trying to shut down conservative websites. Rep_Clyde led 12 lawmakers in sending a letter to SecBlinken.
Read more »
Going In the Gap with World Champion Bullfighter Dusty TucknessDusty Tuckness is a bullfighter, but not the matador version that comes to mind – the one waving a red cape to goad the bull into charging at him before going in for the kill. Yes, this bullfighter faces 2,000-pound animals all the time. But his job is to give...
Read more »
BVTV: Mind the valuation gap | Reuters VideoUS-listed companies trade on higher multiples than those whose shares are listed in London or elsewhere in Europe. But, as Liam Proud explains, it’s really growth rather than geography that explains the divide. That means would-be pond-hoppers might not experience a bump.
Read more »