Gap Inc. reported a 12.5 percent drop in fourth-quarter profit on a 3 percent decline in revenue as the clothing retailer was forced to discount heavily over the holiday shopping season to entice customers.
San Francisco-based Gap Inc. announced on Wednesday that they’re raising minimum wage for its lowest-paid workers in the U.S. Workers will receive at least $9 this year and that increase will go to $10 in 2015.
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.
The Bay Area Super Bowl Committee will travel to Boston next week to personally present their bid for the 50th installment of the big game and they’re getting pledges from Google, Apple, Gap, Intel and Yahoo in order to seal the deal.
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.