Old Navy news and archive

Gap narrows Q1 losses despite drop in sales

US fashion and lifestyle giant Gap reported a 6 percent drop in sales in the first quarter of the year, but its stock price jumped as its losses narrowed. In the three months ended April 29, the retailer made sales of 3.28 billion dollars compared to the 3.48 billion dollars it reported a year earlier amid a backdrop of rising inflation and...

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Gap reports tough Q4, rejigs leadership team

Fourth quarter net sales at Gap, Inc. of 4.24 billion dollars, were down 6 percent compared to last year, and comparable sales were down 5 percent. The company’s store sales decreased 3 percent compared to last year, while online sales decreased 10 percent and represented 41 percent of total net sales. For the full year, the company’s net sales...

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Gap posts profit as Q3 sales increase

Third quarter net sales at Gap Inc. of 4.04 billion dollars, were up 2 percent compared to last year, while comparable sales were up 1 percent year-over-year. The company's reported net income was 282 million dollars and adjusted net income was 260 million dollars. The company anticipates that total company net sales could be down mid-single...

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Gap remains 'cautiously optimistic' about FY22 results

Second quarter net sales of 3.86 billion dollars, were down 8 percent at Gap Inc. compared to last year, while comparable sales were down 10 percent year-over-year. While the company is making progress balancing its assortments, it remains cautiously optimistic in light of the consumer environment as it relates to its revenue in the second half...

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Old Navy drops first Fifteen Percent Pledge collection

Old Navy has revealed an expansion of its Project We series with a collection of graphic tees designed by diverse artists. The drop comes as part of a partnership with the Fifteen Percent Pledge, a nonprofit that has already partnered with brands within Gap Inc., and will aim to support artists breaking into the retail industry in the US....

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Gap CEO Sonia Syngal steps down as sales continue to decline

Gap Inc. has announced the departure of president and chief executive officer Sonia Syngal. The company said in a release that effective immediately, Bob Martin, the company's current executive chairman of the board, will serve as Gap Inc. president and chief executive officer on an interim basis. Mayo Shattuck will continue to serve as lead...

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Gap shares crash again as it cuts its revenue forecast

Gap Inc. had a rough trading week after announcing it cut the forecast of its annual sales and profit. On Friday, shares in the fashion retailer fell 7 percent early morning, increasing to over 15 percent in extended trading. So far this year Gap’s value has plummeted 37 percent according to Reuters. Gap stated the rising costs of transport and...

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Gap lowers FY22 outlook after tough Q1 trading

Gap has reported a 13 percent year-over-year drop in sales to 3.5 billion dollars in the first quarter of the year, with comparable sales down 14 percent. Online sales at the US fashion giant declined 17 percent, while its store sales were down 10 percent. The company swung to a net loss of 162 million dollars from a net profit of 166 million...

Business

Old Navy president and CEO Nancy Green steps down

Gap Inc. has announced that Old Navy president and CEO Nancy Green is exiting the business this week. Commenting on the development, Gap Inc. CEO Sonia Syngal said in a release: “As we look to seize Old Navy’s potential, particularly amidst the macro-economic dynamics facing our industry, we believe now is the right time to bring in a new leader...

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Gap posts profit in FY21, reveals positive earnings forecast

Gap Inc. said reported diluted loss per share for the fourth quarter was 4 cents, while adjusted diluted loss per share was 2 cents. Fiscal year 2021 reported diluted earnings per share were 67 cents and adjusted diluted earnings per share were 1.44 dollars. The company’s fourth quarter net sales of 4.5 billion dollars were down 3 percent...

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Gap increases annual dividend by 25 percent

Gap Inc. board of directors has approved plans to increase the company’s annual dividend per share to 60 cents in fiscal year 2022, a 25 percent increase from the company’s current annualized rate of 48 cents. The company announced that its board of directors has authorized a first quarter fiscal year 2022 dividend of 15 cents per share, payable...

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Gap gets downgrade, Bank of America cites Old Navy concerns

Bank of America (BofA) has once again dropped its rating of Gap Inc., taking it from Neutral to Underperform. The firm has expressed apprehensions over the ongoing impact of supply chain challenges on the retail group’s near-term results, as well as citing concern with Old Navy, which it has said accounts for 55 percent of Gap’s sales. “We...