Gap plunges on lower sales at Old Navy and namesake chain [Business News Network (BNN) Energy & Resources (Canada)]
Gap, Inc. (The) (GPS)
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Source: Business News Network
Gap plunges on lower sales at Old Navy and namesake chain Gap Inc. ( GPS.N ) tumbled in early trading after the clothing retailer reported a slump in sales at both its namesake line and Old Navy, threatening the potential appeal for a spinoff of the discount chain. Same-store sales, a key measure of a retailer’s performance, fell four per cent companywide, worse than the estimate compiled by Consensus Metrix. Weakness at the Gap brand appears to be deepening, with comparable sales down 10 per cent, more than double the projection. A turnaround doesn’t appear imminent: Gap Inc. now expects same-store sales for fiscal 2019 to be down in the low single digits after cold, wet weather weighed on the first quarter. The shares fell 17 per cent in premarket trading Friday. The news also dragged Swedish rival Hennes & Mauritz AB shares down as much as 5.7 per cent and Spain’s Inditex 3.3 per cent lower. Gap Chief Executive Officer Art Peck said “this quarter was extremely challenging, and we a
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