Gap global same store sales weak, Banana Republic sales dropBusiness | 8 Nov 2019 10:35 am
Gap Inc said Thursday that global sales at its stores opened at least a year fell by 4 percent.
By brand, Gap’s same-store sales fell by 7 percent, while the figure was down by 3 percent at Banana Republic. At Old Navy, which had been the company’s juggernaut, same-store sales fell by 4 percent.
The company expects adjusted earnings per share for the fiscal third quarter to be about 50 US cents to 52 cents. Analysts had been forecasting 55 US cents per share, according to FactSet.
For the current fiscal year, Gap expects adjusted earnings per share to be in the range of US$1.70 to US$1.75 compared to previous guidance of US$2.05 to US$2.15. Analysts had expected US$2.06 per share for the year, according to FactSet.-AP
In addition, the company’s board appointed Bobby Martin, chair of its compensation and management development committee, as lead independent director.
“This was a challenging quarter, as macro impacts and slower traffic further pressured results that have been hampered by product and operating challenges across key brands,” said Teri List-Stoll, executive vice president and chief financial officer, Gap Inc. in a statement.
Gap is slated to release its fiscal third quarter results on Nov. 21.