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 ]
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The HopeRoad Prize for postcolonial literary studies is to be renewed for a further three years and to extend its remit, the publisher has said. Continue reading at The Bookseller
[ The Bookseller | 2020-06-23 02:30:10 UTC ]
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Germany has extended the ban on large public events from an initial date of the end of August to October 31st. Continue reading at The Bookseller
[ The Bookseller | 2020-06-18 09:05:12 UTC ]
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The double-digit sales increases of digital audio reported by many publishers over the past several years continue, with no signs of slowing. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-06-12 04:00:00 UTC ]
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Barrington Stoke will publish middle-grade story Queen of King Street, written and illustrated by Tom McLaughlin. Continue reading at The Bookseller
[ The Bookseller | 2020-06-11 16:37:05 UTC ]
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A daily roundup of the most interesting and awesome bookish links from around the web! Continue reading at Book Riot
[ Book Riot | 2020-06-10 10:30:05 UTC ]
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Fourth Estate has landed Failosophy: A Handbook For When Things Go Wrong, the “essential” new book by Elizabeth Day. Continue reading at The Bookseller
[ The Bookseller | 2020-06-05 02:50:51 UTC ]
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In lieu of in-person gatherings, the Southern Independent Booksellers Alliance and the New Atlantic Independent Booksellers Association will host a combined virtual conference from September 21-25. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-05-28 04:00:00 UTC ]
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Heartland Fall Forum, the joint trade show co-hosted by the Midwest Independent Booksellers and Great Lakes Independent Booksellers Associations has been postponed this fall, though there will be virtual events. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-05-28 04:00:00 UTC ]
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Costa award-winning love story of Connell and Marianne takes top slot from David Walliams’ bestselling children’s book SlimeSally Rooney’s Normal People has flown to the top of the UK’s book charts more than two years after it was published, thanks to the release of the TV adaptation starring... Continue reading at The Guardian
[ The Guardian | 2020-05-13 15:44:19 UTC ]
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Across the Irish Sea the books market has suffered as bookshops have been shuttered, falling by almost a third in value Continue reading at The Bookseller
[ The Bookseller | 2020-05-11 04:31:29 UTC ]
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An hour’s drive away from my sleepy college town, there is a magical place. It is the place my friends and I would run away to whenever we were having a rough go of it, or quite frankly, whenever we just didn’t feel like going to class. (If any of my professors are reading this… […] Continue reading at Literrary Hub
[ Literrary Hub | 2020-04-17 19:16:30 UTC ]
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Elsevier, which for the past two years has reported significant median gender pay gaps of 40% and 39.4%, has reduced that number slightly to 37% in its latest filing. Continue reading at The Bookseller
[ The Bookseller | 2020-04-06 20:51:43 UTC ]
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Hearst CEO James Wildman has set recruited a healthcare professional to answer staff questions about the virus and started sending out daily company updates. The post ‘Revenue will fall away quite quickly’: Hearst UK CEO James Wildman on navigating crisis appeared first on Digiday. Continue reading at Digiday
[ Digiday | 2020-03-23 04:01:21 UTC ]
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Last year was a bumper year for Felicity Bryan Associates. We had three authors shortlisted for the Costa; winners of the James Tait Black, Hawthornden and Wellcome Prizes; and two French prizes. John Barton’s The Bible was a surprise bestseller. Peter Frankopan’s The Silk Roads topped 1.4... Continue reading at The Bookseller
[ The Bookseller | 2020-03-16 17:21:09 UTC ]
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Publishers including Penguin Random House, Pearson, Bonnier Books UK and Macmillan Education have donated books they planned to use at the cancelled London Book Fair to the Book Trade Charity. Continue reading at The Bookseller
[ The Bookseller | 2020-03-11 20:10:12 UTC ]
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Publishers and agents react to the cancellation of one of publishing’s most significant events and seek new ways to host meetings scheduled for the fair Continue reading at The Bookseller
[ The Bookseller | 2020-03-05 08:52:23 UTC ]
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Children’s reading comprehension declines to half the expected rate when they do not have regular storytime, a study from Egmont has revealed. Continue reading at The Bookseller
[ The Bookseller | 2020-02-26 22:50:26 UTC ]
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Accounts show parent firm still spending an eighth of revenue dealing with phone hackingThe Sun recorded a loss of £68m last year amid falling print sales and the enormous cost of phone-hacking claims against its parent company from figures including Sir Elton John and Heather Mills.Rupert... Continue reading at The Guardian
[ The Guardian | 2020-02-23 15:59:03 UTC ]
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David Enrich tells an intriguing tale of what went wrong at the world’s largest bank. Continue reading at The Washington Post
[ The Washington Post | 2020-02-14 16:57:58 UTC ]
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The latest gender pay gap report released by Oxford University Press shows a small lessening of its median pay gap, down just under 1% to 12.5% in the year to March 2019. Continue reading at The Bookseller
[ The Bookseller | 2020-02-14 02:08:39 UTC ]
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