New York— Gap Inc. said today it has eliminated the creative director position for its Gap brand, “resulting in Rebekka Bay’s departure from the company, effective immediately.” The company added that its senior design team will take up the slack. In other managerial shifts, Gap Inc. named Scott Key as …
Gap Inc.’s Incoming CEO Names New Gap, Banana Republic Leaders
People
San Francisco—Art Peck, who will succeed Glenn Murphy as chief executive of Gap Inc. in February, has promoted two executives within the company to lead the Gap and Banana Republic global businesses. Jeff Kirwan will become Gap Global president in December and Andi Owens will become Banana Republic Global president …
Art Peck Named Gap Inc. CEO as Murphy Retires
People
San Francisco–Art Peck will succeed Glenn Murphy as chief executive of Gap Inc., as of February 1, 2015. Murphy will retire and Peck will join the board. Bob Fisher, son of Gap founders Donald and Doris Fisher and a former interim CEO, will become non-executive chairman of the board. “With …
Gap Inc. Q2 Profit Up 10%, Plans for India
San Francisco—Despite narrowed margins like some other specialty retailers, Gap Inc. reported late Thursday a 10% rise in profit, helped by higher sales and a gain from asset sale. For the three months ended August 2, Gap Inc. posted a profit of $332 million, or 75 cents a share, up …
Banana Republic Presents Its New Look, “A Significant Shift”
San Francisco—On Thursday when announcing Gap Inc.’s monthly sales, Chairman/CEO Glenn Murphy boasted about positive comps and a new direction at some Gap Inc. brands. “We’re pleased to close out the first half of the year with a positive comp in July and look forward to the new product and …
July, a “Transitional Month,” Posts Sluggish Comp Sales
New York—About six months ago, harsh winter weather stymied retail sales. But now it seems that warmer weather may be in factor in the sluggish monthly retail sales reported today. While the month marks the start of the crucial back to school season, it traditionally is a slower time at …
Fashion Misses Weigh on Gap’s Sales?
Fashion Misses Weigh on Gap’s Sales? San Francisco–One analyst predicts a lack of newness in women’s apparel at Gap’s namesake global brand will weigh on the company’s overall comparable store sales results in June. The specialty retailer saw comparable store sales edge up 1% during the four weeks to May …
Gap Inc. Q1 Profit Falls 22% But Still Beats Estimate
San Francisco–Gap Inc. reported Thursday that its first quarter profit fell 22%, hindered by foreign currency fluctuations and slower sales. Despite the disappointing results, the specialty retailer maintained its full-year forecast. For the quarter ended May 3, the parent to Gap, Banana Republic and Old Navy posted earnings of $260 …
Gap Inc. Posts Mixed Q1 Sales Performance
San Francisco–Gap Inc. has booked a mixed sales performance in the first-quarter, with net sales growth but a slight fall in comparable store sales. The retailer, which operates about 3,100 stores, said net sales reached $3.77 billion in the quarter, compared to $3.73 billion in the same period last year. …
Gap Inc.’s March Sales Disappoint
San Francisco–Shares of Gap Inc. were down in trading earlier today following the retailer’s disappointing March comp sales results that were released late Thursday. Mirroring similarly down results from Buckle Inc. and Zumiez, Gap Inc. said its total March comparable store sales fell 6% compared with a 1% decrease a …
Gap Inc. Q4 Profit Falls, Hit by Holiday Promotions
San Francisco—Gap Inc. reported late Thursday that its fourth quarter profit fell 12.5% as the giant retailer was hit by heavy discounting during the holidays to attract consumers. For the quarter ended Feb. 1, the parent to Gap, Old Navy and Banana Republic posted net income of $307 million, or …
Gap Inc. Q3 Profit Tops Estimates, Q4 Forecast Misses
San Francisco—Gap Inc. reported Thursday afternoon that its third quarter profit rose 9.3% as sales continued to edge up. But the retail giant stuck to its fourth quarter forecast, one below analysts’ estimates. For the quarter ended Nov. 2, Gap Inc. posted a profit of $337 million, or 72 cents …
Gap Inc.’s September Comp Sales Disappoint
San Francisco—Reporting Thursday after the close of markets, Gap Inc. gave a September sales report that disappointed analysts and Wall Street. For the five weeks ended Oct. 5, the operator of Gap, Old Navy and Banana Republic stores said its comparable store sales fell 3% compared with a 1.6% increase …
No “Teen Slump” at Gap Inc., Profits Rise 25%
San Francisco—Bucking the “teen slump” that plagued many of its competitors last quarter, Gap Inc. reported Thursday that its second quarter profit rose 25%. The specialty retailer has reported higher comparable store sales for six consecutive quarters, helped by new denim and athletic merchandise that boosted sales at Gap and …
June Retail Comps: Best Since January
New York—While fewer than a dozen major retailers, accounting for some 6% of the $2.4 trillion in U. S. retail sales, still report monthly sales figures, their comp sales reports released Thursday sounded like good news. Sales were more robust—the strongest since January. According to Thomson Reuters, June comparable store …
Gap Inc. Boasts 43% Jump in Q1 Profit on Strong Sales
San Francisco—Gap Inc.’s turnaround plans seem to be right on schedule. The specialty retailer reported Thursday afternoon that its first quarter profit jumped 43% as sales increased. For the quarter ended May 4, Gap Inc. posted net earnings of $333 million, or 71 cents a share, compared to a profit …
Gap Inc.’s April Comp and Q1 Sales Beat Forecasts
San Francisco—Buoyed by sales at its Gap and Old Navy stores, Gap Inc. reported Thursday afternoon April comparable store sales and a first quarter sales forecast better than analysts had expected. The retail giant remains one of the few majors who still report monthly sales forecasts, but chooses to release …
Gap Inc. Outlines Global Growth Plans, Including Old Navy Franchises
San Francisco—In its bid to move from being “America-centric” to “global-centric,” Gap Inc. plans to step up international expansion of its brands, including plans to franchise Old Navy. At a meeting with investors and analysts on Wednesday to discuss its plans, Gap Inc. will begin to franchise Old Navy, its …
Comp Store Sales Gains in North America Boost Q4 Profit for Gap Inc.
San Francisco—Boasting its best holiday quarter in six years, Gap Inc. today reported increased fourth quarter earnings aided by improved comparable store sales in North America. For the quarter ended Feb. 2, Gap posted a net income increase of 61% to $351 million, or 73 cents a share, compared to …
January Comp Sales Rise, Easily Beating Forecasts
New York—Whether it was the U.S. Congress finally averting the so-called fiscal cliff in early January, a spate of Arctic cold that struck much of the nation, or a stock market headed back to new heights, January retail sales turned out to be better than expected. Of the 18 or …