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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New stores are opening in Tulsa and Cleveland, while a store in Rhode Island is celebrating its fifth anniversary as an indie after converting from a Waldenbooks. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-25 00:00:00 UTC ]
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Today’s religion and spirituality news roundup includes a new book from Christian publishers on Queen Elizabeth’s faith and details about a self-help book with “spiritual tools” by Gillian Anderson. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-24 00:00:00 UTC ]
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New titles by Karen Kingsbury and the archeologist behind the History Channel’s ‘Bible Secrets Revealed’ are among the most-anticipated religion and spirituality books publishing in March. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-24 00:00:00 UTC ]
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The second novel in a Norwegian crime series sells in the U.S. and beyond, and a nonfiction account of a woman's escape from Boko Haram begins making the rounds. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-23 00:00:00 UTC ]
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Napa Bookmine adds a second store and Califon Book Shop celebrates its new owner this week. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-23 00:00:00 UTC ]
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PW captured a range of images during the Havana Book Fair, including photos of the book fair and the thousands of Cubans searching for books during the event. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-23 00:00:00 UTC ]
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Literacy nonprofit Worldreader was named by Fast Company magazine as one of the year's most innovative companies for its work using digital books to fight poverty. The post Worldreader Named One of the Most Innovative Nonprofits of 2016 appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-02-22 00:00:00 UTC ]
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This week: a mold-breaking time travel saga, plus a chronicle of years spent in a Red Hook bar. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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The big religion and spirituality books publishing in spring 2016, including a top 10 list chosen by PW's religion reviews editor. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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This week sees a flurry of store openings, with new indies cropping up in Washington, D.C., San Francisco, Los Angeles, Chicago, St. Paul, and Prescott Valley, Ariz. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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Wasserman named Heyday publisher and more in this week's publishing news briefs. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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Erin Kaplan, author of 'I Heart Obama' (ForeEdge, 9781611685367) will be on Duluth, Minn.’s NPR affiliate WOJB-FM on Monday, February 22 at 12:00 p.m. EST. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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This year's Taipei fair highlighted shifting interest for local readers who are now more interested in history, democracy, capitalism...and adult coloring books. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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Family Fang author Kevin Wilson sells his latest novel to Ecco, Soho Teen nabs the debut novel by Butthole Surfers frontman Gibby Haynes, and more in this week's notable book deals. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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Jen Hatmaker’s ‘For the Love’ returns to PW’s Hardcover Nonfiction list thanks to a heartfelt promotion. Plus Pierce Brown’s Red Rising trilogy ends on a high note, Teresa Guidice of ‘The Real Housewives of New Jersey’ publishes a post-prison memoir, and much more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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The bestselling iBooks in mystery, romance, sci-fi, biography, fiction, and more for the week ended February 14, 2016. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-19 00:00:00 UTC ]
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YALLWest is coming, and if that doesn't mean anything to you, you're not a teen reader. Now in its second year, YALLWest is a book festival targeted at teens -- although it won't turn away grownups who like YA books, and younger readers are invited too. Set for Santa Monica April 30-May 1,... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-02-18 00:00:00 UTC ]
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Vicky Featherstone, Zia Haider Rahman and Peter Stothard will be joining Maureen Freely and Antonia Fraser as judges of the 2016 PEN Pinter Prize, which has extended its eligibility to include writers from the Republic of Ireland and the Commonwealth. Continue reading at The Bookseller
[ The Bookseller | 2016-02-18 00:00:00 UTC ]
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Publishers Weekly is now welcoming nominations for the second PW Star Watch from all areas of the publishing community. The program recognizes up-and-coming talent and leadership in the industry. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-02-18 00:00:00 UTC ]
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For a second year, Frankfurt Book Fair (FBM) and Publishers Weekly (PW) are teaming up to produce the PW Star Watch program. Nominations are open. The post Looking Up: Publishers Weekly and Frankfurt Open Star Watch 2016 Nominations appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-02-17 00:00:00 UTC ]
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