Gap plans to close 175 of its namesake stores and 250 jobs at its headquarters as the company tries to strengthen the struggling brand.
Gap is one of many companies struggling with the impact of the strong dollar as sales in foreign currencies amount to less once they are translated back into U.S. dollars.
Gap Inc. offered an upbeat profit outlook for its third quarter as the clothing chain announced a solid October increase for a key sales yardstick that surpassed analysts’ expectations.
Gap raised its earnings per share outlook for the year on Thursday, after its summer lineup helped boost second-quarter results and advanced its turnaround push.
A Cambridge, Mass. woman whose fiancee ordered a tie and pocket square from Gap Inc. chain Banana Republic says they were astonished at what they got in the mail instead: confidential employee files, including Social Security numbers, W2s, resignation letters and doctors’ notes.
The San Francisco-based clothing retailer, which operates the Gap, Old Navy and Banana Republic clothing chains, says that it earned $333 million, or 71 cents per share, for the three-month period ended May 4. That compares with $233 million, or 47 cents per share, in the year-ago period.
Gap Inc. is reporting a 61 percent increase in profits for the fourth quarter, capping a strong year that saw the company’s turnaround take hold.
The San Francisco-based clothing retailer said stronger sales at its Banana Republic, Old Navy and namesake stores all contributed to the performance.
Gap has announced a management overhaul aimed at enabling the retailer to respond more quickly to customers’ needs across the globe.
Gap Inc. is reporting a 40 percent drop in fourth-quarter profits, as the clothing retailer grappled with higher costs and discounted heavily to get shoppers in its stores during the crucial holiday season.