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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Sales of print books in the US fell by 1.3% in 2019 compared to the previous year, with 689.5 million sold. Continue reading at The Bookseller
[ The Bookseller | 2020-01-14 04:39:40 UTC ]
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After beginning 2019 with 10 companies, the Publishers Weekly Stock Index was down to only eight members at the close of the year, losing Barnes & Noble and Simon & Schuster. The remaining companies saw their combined stock price decline by 9%. Continue reading at Publishers Weekly
[ Publishers Weekly | 2020-01-03 05:00:00 UTC ]
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Can the iconic brand rediscover what made it a cultural phenomenon and financial success in the 1990s? In 1990, when I was in first grade, a children’s book author named Valerie Tripp visited my school. She was there to talk about a new series she had written for a four-year-old startup... Continue reading at Fast Company
[ Fast Company | 2019-12-17 07:00:46 UTC ]
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Newly released figures show there were 35 static and mobile library closures in the year to end March 2019 across England, Wales and Scotland, with the total falling from 3,618 to 3,583. Continue reading at The Bookseller
[ The Bookseller | 2019-12-05 04:50:10 UTC ]
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The finance and business news publisher expects to offer the stock performance prediction tool as a standalone subscription product. Starting next year, Forbes reporters will have access to Quantalytics' insights to incorporate into stories. The post Forbes Media acquires stock prediction tool... Continue reading at Digiday
[ Digiday | 2019-12-02 05:00:25 UTC ]
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HarperCollins is closing its gender pay gap with the median difference reducing from 10.2% to 8.8% in its latest filing. Continue reading at The Bookseller
[ The Bookseller | 2019-11-28 11:20:07 UTC ]
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Four years after Sarah Kendzior forecasted Trump’s win, the bestselling author reflects on the rise of online propaganda, the need for transparent algorithms, and why social media is more dangerous than ever. Sarah Kendzior was a lone voice in the wilderness predicting the victory of Donald... Continue reading at Fast Company
[ Fast Company | 2019-11-28 09:00:16 UTC ]
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Hachette UK has reported on its gender pay gap for 2019, revealing it has made some progress in closing the gender data gap in its core publishing divisions after increasing the number of higher paid women in its upper echelons. Continue reading at The Bookseller
[ The Bookseller | 2019-11-28 05:24:24 UTC ]
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Cengage has reported revenue of $693m in the six months to end September 2019, a fall of 9.1% from the first-half in the previous financial year ($762.6m). Continue reading at The Bookseller
[ The Bookseller | 2019-11-14 21:42:50 UTC ]
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The pressure of the 4th quarter can be the source of bad dreams for booksellers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-11-08 13:00:27 UTC ]
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Penguin Random House UK has extended its lease on its Grantham Book Services distribution site until 2029. Continue reading at The Bookseller
[ The Bookseller | 2019-11-06 13:00:30 UTC ]
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August 29th. French cultural magazine Les Inrockuptibles is throwing its traditional end of summer party, also known as “le cocktail de rentrée littéraire.” On the intimate patio of the Musée Bourdelle, on the Left Bank, the big shots of France’s literary world exchange anecdotes about their... Continue reading at Literrary Hub
[ Literrary Hub | 2019-11-04 09:49:09 UTC ]
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Looking for your next favorite book? Check out these new historical fiction books, full of beautiful prose, dynamic characters, and captivating settings. Continue reading at Book Riot
[ Book Riot | 2019-10-25 10:39:52 UTC ]
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Are you interested in checking out some manga that inspired shows from the 2019 fall anime season? We've gathered them in one convenient list! Continue reading at Book Riot
[ Book Riot | 2019-10-24 10:42:41 UTC ]
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Bloomsbury has signed a book from Yale professor Eckhart Frahm for the first comprehensive non-fiction account of the rise and fall of what historians consider to be the world’s very first empire: Assyria. Continue reading at The Bookseller
[ The Bookseller | 2019-10-23 07:38:23 UTC ]
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One of them, Jason Reynolds’s middle-grade novel “Look Both Ways,” is a National Book Award finalist. Continue reading at The New York Times
[ The New York Times | 2019-10-18 21:16:26 UTC ]
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Pan Macmillan non-fiction publisher Robin Harvie has a new leadership manual, Leadership Strategy and Tactics: Field Manual, by American ex-Navy SEAL Jocko Willink. Continue reading at The Bookseller
[ The Bookseller | 2019-10-17 14:20:16 UTC ]
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WH Smith has announced it is to buy US indie travel retailer Marshall Retail Group (MRG) for $400m. Continue reading at The Bookseller
[ The Bookseller | 2019-10-16 21:24:24 UTC ]
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Trapeze has snapped up a “celebration of love” reflecting stories from women of colour in a one-book deal. Continue reading at The Bookseller
[ The Bookseller | 2019-10-16 10:22:40 UTC ]
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Ahead of the Frankfurt Book Fair, PW caught up with Nicholas Lemann, author of the brilliant new book, 'Transaction Man: The Rise of the Deal and the Decline of the American Dream.' Continue reading at Publishers Weekly
[ Publishers Weekly | 2019-10-16 04:00:00 UTC ]
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