Gap Inc. tumbled as much as 16 percent—the most since 2016—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 4 percent companywide, worse than the estimate compiled by Consensus Metrix. Weakness at the Gap brand appears to be deepening, with comparable sales down 10 percent, more than double the projection. Another concern is Old Navy, a brand that the company refers to as a “powerhouse.” Same-store sales there fell 1 percent, while analysts had forecast growth of 0.8 percent. 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. Poonam Goyal, an analyst with Bloomberg Intelligence, says the lowered guidance “implies continued weakness across all banners.” The shares fell to as low as $17.32 on Friday, and the stock has now lost more than 40 percent of its value since an initial jump followed the announcement of the Old Navy spinoff at the end of February. Gap’s results also dragged down shares of Swedish rival Hennes & Mauritz AB and Spain’s Inditex. Gap CEO Art Peck said on Thursday that the company is still “confident” in its plan to spin off Old Navy. The company has formed a team to manage the separation, and is planning an event in mid-September to... Continue reading at 'Advertising Age'
[ Advertising Age | 2019-05-31 15:50:27 UTC ]
Vice Media Inc., the youth-oriented media company, agreed to acquire the online publisher Refinery29, seeking to reignite growth by reaching a young female audience. The deal marks the biggest move yet by Vice Chief Executive Officer Nancy Dubuc, who has been trying to revive the once... Continue reading at Advertising Age
[ Advertising Age | 2019-10-02 19:51:02 UTC ]
More news stories like this
The esports industry, notorious for its lack of reliable streaming viewer figures, is trying to get its act together and provide third-party ratings to make its broadcasts attractive for rights buyers and advertisers. Companies like Tencent Holding Ltd.’s Riot Games and World of Warcraft’s... Continue reading at Advertising Age
[ Advertising Age | 2019-09-26 18:44:54 UTC ]
More news stories like this
Farmers seeking government assistance knew where to make their case: on Fox News, in TV ads with tractors and corn stalks designed to snag the attention of President Donald Trump. U.S. airlines, opposed to subsidies for foreign competitors paid by Qatar, took the same broadcast route to the... Continue reading at Advertising Age
[ Advertising Age | 2019-08-28 16:12:29 UTC ]
More news stories like this
Philip Morris International, the maker of Marlboro cigarettes in overseas markets, is in talks to reunite with Altria Group more than 10 years after the tobacco giants split their operations. The deal would be the biggest since AT&T Inc. bid for Time Warner in 2016. Philip Morris had a... Continue reading at Advertising Age
[ Advertising Age | 2019-08-27 18:36:32 UTC ]
More news stories like this
Notice more TV ads lately? You’re not imagining it. The amount of commercial time on cable TV keeps increasing as networks try to make up for shrinking audiences by stuffing more ads into every hour of television. That’s despite years of promises to cut back on ads. Last quarter, commercial... Continue reading at Advertising Age
[ Advertising Age | 2019-08-02 17:18:39 UTC ]
More news stories like this
Lee Iacocca, the U.S. auto executive and television pitchman whose feel for consumers’ changing tastes helped produce the Ford Mustang and the Chrysler minivan and made him one of the first celebrity CEOs, has died. He was 94. His death was confirmed Tuesday by Fiat Chrysler Automobiles in a... Continue reading at Advertising Age
[ Advertising Age | 2019-07-03 14:58:55 UTC ]
More news stories like this
AT&T Inc. is weighing a sale of its regional sports networks as part of a plan to cut as much as $8 billion in debt by the end of the year, according to people familiar with the matter. The four regional networks, which includes rights to teams such as the hockey’s Pittsburgh Penguins,... Continue reading at Advertising Age
[ Advertising Age | 2019-07-02 19:54:11 UTC ]
More news stories like this
AT&T Inc. named Ann Sarnoff as the first woman to lead Warner Bros., filling a key vacancy created by the departure of Kevin Tsujihara following a sex scandal. Sarnoff is currently president of BBC Studios America and has more than 30 years of business and media experience, AT&T’s... Continue reading at Advertising Age
[ Advertising Age | 2019-06-24 21:32:18 UTC ]
More news stories like this
Facebook Inc. is under pressure to rid its site of hate speech and fake news but warned it can’t build a platform impervious to human nature. “This is not a fully solvable problem,” Carolyn Everson, a vice president responsible for marketing at the social media giant, said on a panel Tuesday at... Continue reading at Advertising Age
[ Advertising Age | 2019-06-18 20:37:03 UTC ]
More news stories like this
News Corp. said it is evaluating options for its News America Marketing business that could include a sale, which would leave the publisher of the Wall Street Journal and New York Post more purely focused on media while removing what’s been a troubled unit. The review of News America, which... Continue reading at Advertising Age
[ Advertising Age | 2019-06-18 20:05:16 UTC ]
More news stories like this
Large restaurant chains Red Robin and White Castle are reporting shortages of Impossible Foods Inc.’s popular meat-free patties, even as the plant-based food producer embarks on a nationwide expansion with Burger King. Calls to a dozen Red Robins and the same number of White Castles on Thursday... Continue reading at Advertising Age
[ Advertising Age | 2019-06-14 15:48:17 UTC ]
More news stories like this
Salesforce.com Inc., which makes America’s dominant sales-tracking software, agreed to buy Tableau Software Inc. in an all-stock deal valued at $15.3 billion that it said will help give customers more ways to analyze data. The takeover will mark Salesforce’s largest deal to date, according to... Continue reading at Advertising Age
[ Advertising Age | 2019-06-10 16:51:13 UTC ]
More news stories like this
Beleaguered bookseller Barnes & Noble Inc. has a buyer. Elliott Management Corp. agreed to purchase the chain for $6.50 per share in an all-cash transaction valued about $476 million, plus the assumption of debt, the company said in a statement Friday. Barnes & Noble shares rose as... Continue reading at Advertising Age
[ Advertising Age | 2019-06-07 16:16:58 UTC ]
More news stories like this
Amazon.com Inc. is interested in acquiring prepaid wireless phone service Boost Mobile from T-Mobile US Inc. and Sprint Corp., Reuters reported, citing people familiar with the matter. Amazon is considering buying Boost for an attached wholesale deal that would allow the buyer to use T-Mobile’s... Continue reading at Advertising Age
[ Advertising Age | 2019-05-31 17:33:29 UTC ]
More news stories like this
Gap Inc. tumbled as much as 16 percent—the most since 2016—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 4... Continue reading at Advertising Age
[ Advertising Age | 2019-05-31 15:50:27 UTC ]
More news stories like this
Walt Disney Co. is following Netflix’s lead in threatening to leave Georgia if a controversial anti-abortion law takes effect. Disney CEO Bob Iger told Reuters on Wednesday that it would be “very difficult” to keep film production in the state if the legislation becomes law next year. A... Continue reading at Advertising Age
[ Advertising Age | 2019-05-30 14:39:17 UTC ]
More news stories like this
Amazon.com Inc. is developing a voice-activated wearable device that can recognize human emotions. The wrist-worn gadget is described as a health and wellness product in internal documents reviewed by Bloomberg. It’s a collaboration between Lab126, the hardware development group behind Amazon’s... Continue reading at Advertising Age
[ Advertising Age | 2019-05-23 22:06:23 UTC ]
More news stories like this
ESPN President Jimmy Pitaro says the sports network is “all hands on deck” to attract more women and younger viewers, a crusade that includes a new streaming service launched last year. The Walt Disney Co.-owned cable giant introduced its ESPN+ online service a year ago, and it has drawn over 2... Continue reading at Advertising Age
[ Advertising Age | 2019-05-23 22:01:09 UTC ]
More news stories like this
Twitter co-founder Ev Williams said Wednesday that the social network might have been quicker to recognize and address the potential for abuse and harassment on its platform if the company’s leadership had been more diverse. When Twitter went public in 2013, it came under fire for having only... Continue reading at Advertising Age
[ Advertising Age | 2019-05-23 19:28:23 UTC ]
More news stories like this
Rihanna revealed her first Fenty collection in Paris on Wednesday evening. She arrived wearing a blazer as a dress—the white canvas number had exaggerated shoulders and was cinched in at the middle with a built-in corset—paired with strappy going-out heels in gold leather, all from her new... Continue reading at Advertising Age
[ Advertising Age | 2019-05-23 16:56:09 UTC ]
More news stories like this