Gap Inc. NYSE: GPS sklepy z odzieżą

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(Reuters) -Gap Inc said on Monday that Chief Executive Sonia Syngal will step down just over two years into the role, as the apparel seller wrestles with weak demand for its casual attire and a slump in its stock price.

It also warned that margins would stay under pressure in the second quarter as costs spiral, sending shares of the company down about 4% after hours.

Executive Chairman Bob Martin will step in as interim CEO, while ex-Walmart Canada top boss Horacio Barbeito has been tapped to lead Old Navy through tough times for the company's biggest brand.

"I think it's a necessary change given Gap's recent problems. The addition of a permanent CEO for Old Navy is positive as Gap's needs to stabilize this part of the business," Morningstar analyst David Swartz said.

Gap had earlier this year flagged execution issues at Old Navy and said a shift to formals and partywear from more casual attire had left the brand's selection "out of sync" with the change in tastes.

To clear out inventory and make room for new products, Gap has ramped up promotions in a move that is expected to negatively impact gross margins in the second quarter, the company said on Monday.

It forecast adjusted operating margin percentage to be zero to slightly negative, compared with a 10.2% rise last year, and expects net sales to decline in the high-single-digit range.

Syngal, 52, is exiting the company just months after it slashed its annual results forecast due to pressure from weak demand in the face of decades-high inflation.

Gap did not provide a reason for her sudden exit.

Syngal headed Gap's Old Navy before being named as the CEO in March 2020.

Gap's stock has tumbled more than 75% from highs in May 2021, and in June traded at its lowest in more than two years.

https://www.investing.com/news/stock-ma ... wn-2846113

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Shares of Gap Inc (NYSE:GPS) fell over 3% after-hours Monday after announcing that President and CEO Sonia Synga will be stepping down from the company. The retailer named Chairman Bob Martin as president and CEO on an interim basis while it will it conducts a search for a new president and CEO.

“My fellow board members and I want to thank Sonia for her steadfast leadership and many contributions to Gap Inc. during her 18 years with us. Most notably, amidst significant global disruption, social unrest and economic instability, Sonia had an immediate impact as Gap Inc. CEO, establishing a clear strategic direction and cultural identity that has united this global enterprise as a force for good with powerful brands poised to stand the test of time,” said Mr. Martin. "While a search is underway, the Board has complete confidence in the formidable leadership team to guide the company through this transition. And I look forward to championing this incredible team as they continue to write Gap Inc.’s next chapter with grit and passion.”

The company also announced that Horacio "Haio" Barbeito will join the Gap Inc. Leadership Team as president and chief executive officer of Old Navy. Barbeito most recently served as President and CEO of Walmart (NYSE:WMT) Canada.

Gap also provided an update on its second-quarter outlook. The company is expecting net sales in the second-quarter fiscal 2022 to decline in the approximately high-single digit range, relatively in-line with its prior expectations. Gap also said it has taken a more aggressive approach to assortment balancing resulting in increased promotional activity during the quarter, which it expects will have a negative impact on gross margin in the quarter. Furthermore, the company now anticipates second-quarter fiscal 2022 adjusted operating margin percentage to be zero to slightly negative.

The company will report its second-quarter fiscal 2022 financials as well as its outlook when it reports second-quarter fiscal 2022 results on Thursday, August 25.

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Gap (NYSE:GPS) stock rose 6.7% after the clothing retailer posted a quarterly profit, excluding one-time items, despite withdrawing its financial outlook for 2022.

Latest Release
Aug 25, 2022

EPS / Forecast
0.08 / -0.0535

Revenue / Forecast
3.86B / 3.82B

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Gap (NYSE:GPS) stock fell 0.1% after the Wall Street Journal reported that the clothing retailer is set to cut 500 corporate jobs, seeking to reduce expenses amid declining sales

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BEIJING (Reuters) - U.S. apparel retailer Gap Inc (NYSE:GPS) has agreed to sell its Greater China businesses to Baozun (NASDAQ:BZUN) Inc, the e-commerce service provider said on Tuesday, as headwinds persists for global consumer brands in the world's second-largest economy.

Dealmakers have seen opportunities for merger and acquisitions involving multinational firms that look to spin off their China units, as growth outlook in the country grappling with strict COVID-curbs remains uncertain amid intensifying competition with domestic brands. Earlier this year, American fast fashion retailer Forever 21 made its third effort to enter China after having left the market twice, while major sportswear companies Nike (NYSE:NKE) and Adidas (OTC:ADDYY) lost ground to local brands Li Ning and Anta in recent years.

China's Baozun said its unit would acquire Gap Shanghai Commercial and Gap Taiwan Ltd, which operate the whole business of Gap Greater China, with a primary deal size of $40 million and no more than $50 million for adjustment.

The Shanghai entity reported a net loss after tax of 256 million yuan ($35.34 million) for 2021, compared with 456.3 million yuan a year earlier, Baozun said in a filing. The Taiwan entity reported a post-tax net loss of T$199.8 million ($6.24 million) for the year ended January 29, 2022.

The transaction is subject to regulatory approval and expected to be effective in the first half of 2023, Baozun said.

Separately, Baozun said Gap has granted it an exclusive right to manufacture and sell its products in Greater China area. The arrangement can last two decades, with an initial term of 10 years that can be renewed twice for each five-year term.

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(Reuters) -Gap Inc beat Wall Street estimates for quarterly sales and profit on Thursday, helped by steady demand for its formal clothing and dresses from affluent consumers despite a surge in inflation, sending its shares up about 8%.

Affluent consumers have been preferring more formal clothing, dresses, woven tops and pants, shelving casual wear like t-shirts and shorts as they return to travel, work and social occasions after two years of pandemic-induced restrictions.

Gap's Banana Republic, an affordable luxury brand, posted an 8% rise in sales, while its Old Navy brand that has been struggling with out-of-fashion clothes reported a 2% increase.

Latest Release
Nov 17, 2022

EPS / Forecast
0.71 / -0.0032

Revenue / Forecast
4.04B / 3.81B

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Gap (NYSE:GPS) stock rose 3.2% and Tapestry (NYSE:TPR) stock rose 2.6% after Goldman Sachs upgraded both retailers to 'buy' from 'neutral', expecting them to thrive as customers became more discerning with their spending. On the flip side, the investment bank downgraded Levi Strauss (NYSE:LEVI), down 0.7%, to 'neutral' from 'buy'.

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Gap Inc (NYSE:GPS) shares fell more than 8% after-hours following the company’s reported Q4 results, with EPS of ($0.75) and revenue of $4.24 billion (down 6% year-over-year) coming in worse than the consensus estimates of ($0.47) and $4.36B, respectively.

Comparable sales were down 5% year-over-year. Store sales fell 3% year-over-year, while online sales drop 10% and represented 41% of total net sales.

Old Navy Q4 net sales fell 6% year-over-year to $2.2B, with comparable sales declining 7%. Gap net sales fell 9% to $1.1B, with comparable sales declining 4%. Banana Republic net sales of $578 million were down 6% year-over-year, with comparable sales falling 3%. Athleta net sales of $436M were down 1%, with comparable sales falling 5%.

“While we are better positioned as we enter fiscal 2023, we continue to take a prudent approach to planning and managing our business in light of the continued uncertain consumer and macro environment,” said Katrina O’Connell, CFO of Gap.

For Q1/23, management expects net sales to decline in the mid-single digit range year-over-year. For the full year, the company expects net sales to decrease in the low to mid-single-digit range year-over-year. The company expects Q1 and full 2023 year gross margin expansion compared to the prior year.

The company also announced that Mary Beth Laughton, President and CEO of Athleta is exiting the business, effective today.

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Gap, Inc. (NYSE:GPS) shares were down 6.8% after reporting a quarterly loss on a drop in sales and weaker than expected guidance for the first quarter and year.

Latest Release
Mar 09, 2023

EPS / Forecast
-0.75! / -0.47

Revenue / Forecast
4.24B / 4.36B

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Gap Inc (NYSE:GPS) is reportedly set to eliminate hundreds of corporate jobs from its global workforce, The Wall Street Journal said Tuesday, citing people familiar with the situation.

The move is said to be part of a restructuring aimed at making the company more nimble and less bureaucratic.

The report states that one of its sources told them the current round of layoffs is set to be bigger than in September when Gap cut approximately 500 corporate positions, mostly at its main offices in San Francisco and New York — part of efforts to save about $250 million annually.

Furthermore, leaders of each of the company's brands are said to have been reviewing the business in order to strip out layers of management to speed up decision-making.

A memo seen by the WSJ from Gap Chairman and interim Chief Executive Bob Martin to employees last week says that the company's goal is to "flatten the organization, increase spans of control to create more robust roles and individual empowerment, and decrease layers to remove bottlenecks and make better, faster decisions."

Gap shares are down more than 6% Tuesday, adding to its YTD declines, which currently stand at -16.5%.

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Gap Inc (NYSE:GPS) shares rose 11% after the casual clothing retailer said margins were improving as its freight costs fall and it has fewer promotions that cut into prices.

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(Reuters) -Gap has appointed Mattel (NASDAQ:MAT) executive Richard Dickson as its chief executive officer, the companies said on Wednesday.

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Gap Inc reported Q2 EPS of $0.34, $0.24 better than the analyst estimate of $0.10. Revenue for the quarter came in at $3.55B versus the consensus estimate of $3.58B.

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Gap Inc (NYSE:GPS) akcje spadły po tym, jak detalista odzieży casual nieznacznie rozminął się z oczekiwaniami dotyczącymi przychodów.

Skorygowany zysk na akcję w drugim kwartale wyniósł 34 centy przy przychodach w wysokości 3,55 mld USD. Analitycy oczekiwali zysku na akcję w wysokości 9 centów przy przychodach w wysokości 3,58 mld USD. Przychody spadły o 8% w porównaniu z tym samym okresem ubiegłego roku.

Sprzedaż w porównywalnych sklepach spadła o 6% w porównaniu z markami, w tym Gap, Banana Republic, Old Navy i Athleta. W przypadku flagowej marki porównywalna sprzedaż spadła o 1%.

Akcje wzrosły o 0,2% w handlu po godzinach po początkowym spadku. W tym roku spadły one o 15%.

Dyrektor generalny Richard Dickson powiedział: "Widzimy zachęcające oznaki postępu, ponieważ nasze zespoły usprawniają sposób, w jaki pracujemy, abyśmy mogli skupić się na inicjatywach napędzających wzrost - cnotliwy cykl, który będziemy starali się stać naszą normą. Oznacza to, że musimy robić rzeczy inaczej, z wyraźnym naciskiem na przedefiniowanie znaczenia naszych marek dla konsumentów, koncentrując się na kreatywności, projektując pod kątem trafności jako dążenia, a nie celu, i wykorzystując nasze niezwykłe dziedzictwo, aby kształtować ekscytującą nową przyszłość. "

Firma widzi spadek przychodów w trzecim kwartale w niskim dwucyfrowym zakresie. Widzi całoroczny przychód w połowie jednocyfrowego.

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(Reuters) - Shares of Gap climbed as much as 8% on Friday, after the apparel retailer's quarterly profit beat indicated that the Old Navy parent's cost cuts were paying off even as easing demand weighed on its sales forecast.

The company's shares see-sawed following results after markets closed on Thursday but rose to $10.31 in regular trading on Friday after Jefferies and Bank of America (NYSE:BAC) raised their price targets on the stock.

Gap, which last month hired Barbie turnaround executive Richard Dickson from Mattel (NASDAQ:MAT) as top boss, has slashed more than 2,000 jobs since last year and closed underperforming Gap and Banana Republic stores in an effort to rein in costs.

The attempts to cut back on promotions and control excess inventory also eased the pressure on its margins. Gross margin increased 310 basis points to 37.6% in the second quarter from a year earlier.

"(It's) no easy task at hand, but the ground work has been laid," said Barclays (LON:BARC) analyst Adrienne Yih.

She added with the new CEO at helm this could be a new era for Gap, "one based on calculated design and innovation risk, a return to profitable growth, and reclaiming brand leadership across the portfolio."

Still, the company forecast a steeper-than-expected drop in current-quarter sales and missed sales expectations for the second quarter and also warned it was losing market share to rivals including Shein, Amazon (NASDAQ:AMZN) and T.J. Maxx.