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Gap profits up 61% thanks to boost from US store sales Friday, 1st March 2013
Photo credit: Gap Inc. Gap Inc. reported a 61 per cent rise in fourth quarter profits on Thursday, as the company’s fortunes appear to finally be turning around. The apparel retailer, which owns the Gap, Old Navy and Banana Republic brands posted net income of USD 351 million, or 73 cents per share, for the quarter ending 2 February, compared with USD 218 million, or 44 cents per share in the same quarter the year before.
Gap to buy luxury boutique Intermix for $130m Thursday, 3rd January 2013
Gap Inc is reportedly set to buy women’s fashion boutique Intermix Inc in a deal worth USD 130 million as it looks to enter the luxury clothes market. According to the Wall Street Journal, Art Peck, president in charge of new brands at Gap, has said the apparel giant will double Intermix’s store numbers and look to expand the chain overseas.
Thanksgiving to become an ‘after-dinner shopping event’? Tuesday, 13th November 2012
Some of the United States’ biggest retailers have come under fire after confirming they will be opening their stores on the eve of Thanksgiving this year, in a move many fear could turn the national holiday into an en masse trip to the mall. Walmart and Target were some of the first retailers to confirm they would open earlier than last year, which saw shoppers queue for hours outside stores, waiting for trading to begin at midnight.
Gap beats the Street with September sales Monday, 8th October 2012
Gap Inc. saw September same-store sales rise 6 per cent, as the Old Navy, Banana Republic and Gap retailer continues to grow from strength to strength. Analysts polled by both Thomson Reuters and Wall Street expected an average increase of 5.3 per cent. The results signify a turnaround for Gap, whose same-store-sales for September 2011 fell 4 per cent from the year before.
Moving on up: retailers' surprise boost for August sales Thursday, 30th August 2012
Gap Inc, Nordstrom, Target, TJX Companies, Buckle Inc and Limited Brands gave the retail industry a much needed boost after all reporting an unexpected leap in sales. August same-store sales in the US rose by a better-than-expected 3.6 per cent according to Thomson Reuters I/B/E/S, after forecasts had decided on a 2 per cent increase.
Gap profit skyrockets 29% Friday, 17th August 2012
Gap Inc. on Thursday said it would raise its full-year profit guidance after seeing a 29 per cent increase in second-quarter income. The US retailer of Gap, Old Navy, Banana Republic and Athleta brands earned USD 243 million, or 49 cents a share, for the three months to 28 July.
Gap Inc sees June sales rise Thursday, 5th July 2012
Finally some good news for Gap Inc, as the apparel giant reported a 2 per cent rise in comparable sales for June. Over the five weeks to 30 June 2012, net sales came were USD 1.41 billion, compared with USD 1.38 billion for the same period a year before. Gap noted that its comparable sales for June 2012 were flat compared with a 1 per cent increase for June 2011.
Gap places H&M exec at helm of Old Navy Tuesday, 1st May 2012
Gap Inc has appointed former H&M head of global sales Stefan Larsson as the new president of its Old Navy brand. After fifteen years at the Swedish fashion giant, Larsson will be ideally positioned to help Old Navy as it looks to expand abroad, opening its first store outside of North America, in Japan, in July.
Light at the end of the tunnel for Gap as shares rise 7% Friday, 2nd March 2012
After months of dire trading, Gap Inc was finally able to deliver some good news to shareholders, boosting its stock price by 7 per cent on Thursday. According to the BBC, unseasonable warm weather for February worked in the group’s favour, with spring lines selling well, delivering some much needed relief for the struggling retailer.