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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#—bloomberg news
With Amazon’s stock price closing at a 52-week high of $722.79 on May 31, the Publishers Weekly Stock Index rose 6.9% in the month. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-06-03 00:00:00 UTC ]
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It’s been a long time since Jay McInerney attended a BEA, “at least 10 years,” says the author, whose highly anticipated new novel, Bright, Precious Days (Knopf) will land in bookstores this August. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-05-11 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Wed, 02/11/2011 - 14:09 The latest annual statistics for the public library service show further falls in overall usage of the service amid a continuing decline in spending. Both the number of library "service points" on offer and the number of... Continue reading at The Bookseller
[ The Bookseller | 2011-11-02 00:00:00 UTC ]
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Booksellers, exhibitors, and authors alike can expect a mix of business and camaraderie at this year's fall trade shows. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-08-25 04:00:00 UTC ]
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Moriarty tells a fresh, juicy tale about four siblings and their tennis-obsessed parents. Continue reading at The Washington Post
[ The Washington Post | 2021-09-16 14:28:19 UTC ]
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Last year the Frankfurt Book Fair and Publishing Perspectives launched a new conference, the Markets: Global Publishing Summit. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-04-11 00:00:00 UTC ]
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German author-illustrator Rotraut Susanne Berner and Chinese author Cao Wenxuan are the winners of the 2016 Hans Christian Andersen Award for illustration and writing. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-04-05 00:00:00 UTC ]
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Nate Powell’s new graphic novel 'Fall Through' is a moving tribute to the musical power and community of 1990s punk rock. A nine-page excerpt. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-03-26 04:00:00 UTC ]
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Frustrations over the most critical development in digital media shared at flagship industry conference. Continue reading at Digiday
[ Digiday | 2024-01-31 05:01:00 UTC ]
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If you're looking for a new tablet to keep track of all your 2024 goals on (or just for fun), now is a great time to buy. A range of Amazon Fire Tablets are currently on sale, including the new Fire HD 10 tablet. A 42 percent discount brings the 64GB Amazon Fire HD 10 tablet to $105 from $180 —... Continue reading at Engadget
[ Engadget | 2024-01-15 12:05:32 UTC ]
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Generous Press, a new imprint of indie Row House Publishing devoted to romance with BIPOC, LGBTQ+, and disability-focused content, will mark its debut with 'Someplace Generous: An Inclusive Romance Anthology' in May. Continue reading at Publishers Weekly
[ Publishers Weekly | 2024-01-09 05:00:00 UTC ]
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Stocks that traded heavily or had substantial price changes on Friday: Lennar, Scholastic fall; Costco, Steel Dynamics Continue reading at ABC News
[ ABC News | 2023-12-15 21:17:56 UTC ]
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The U.K.-based publisher said a proposed stock market delisting will save money and give it more flexibility to react to business challenges and opportunities. The U.S. is Quarto's largest market. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-12-01 05:00:00 UTC ]
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One last chance for these once august awards to reclaim their honor and dignity. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-11-30 13:00:00 UTC ]
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The following essay by Tom Borders is excerpted from Among Friends: An Illustrated Oral History of American Book Publishing & Bookselling in the 20th Century, edited by Buz Teacher and Janet Bukovinsky Teacher (Two Trees Press). * In 1970, Louis Borders was working in a bookstore in Boston... Continue reading at Literrary Hub
[ Literrary Hub | 2023-11-28 09:49:05 UTC ]
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When Mike Sotelo, vice president of digital content and experience at ad agency Alma, experimented with OpenAI's generative artificial intelligence tool GPT-3 in Spanish earlier this year, it wasn't long before he came across a language gap. Sotelo entered two prompts: "How does a guey [a... Continue reading at AdWeek
[ AdWeek | 2023-11-13 21:00:00 UTC ]
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Almost 300 booksellers from the Midwest Indie Bookseller and Great Lakes Indie Bookseller associations gathered together at Heartland Fall Forum in Detroit last week to network, meet authors, and discover great books. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-23 04:00:00 UTC ]
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Heartland Fall Forum, the last regional gathering of booksellers this year, kicked off yesterday with what promises to be a high energy show that drew 547 booksellers, authors, and exhibitors to Detroit for networking, education, and an opening night party at Third Man Records. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-10-19 04:00:00 UTC ]
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