Gap stock falls the most since 2016 after weakness extends to Old Navy

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 ]
News tagged with: #marketing support #bloomberg intelligence #—bloomberg news

Other Publishing stories related to: ' Gap stock falls the most since 2016 after weakness extends to Old Navy '

Apple iBooks Category Bestsellers, January 17, 2016

The bestselling iBooks in mystery, romance, sci-fi, biography, fiction, and more for the week ended January 17, 2016. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #bestselling ibooks

Book Deals: Week of January 25, 2016

Ira Silverberg closes his first deal as an editor, Amy Einhorn preempts a debut for Flatiron’s new YA list, soldier-turned-Paralympian Brad Snyder sells a memoir, and more in this week's notable book deals. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #book deals #ya list

This Week's Bestsellers: January 25, 2016

‘Retire Inspired’ by Chris Hogan, a Dave Ramsey protégé, is the #1 book in the country. Plus ‘Olive Kitteridge’ author Elizabeth Strout hits #1 in Hardcover Fiction with her new novel, a picture book about the real-life origins of Winnie-the-Pooh gets a boost from its Caldecott win, and much more. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #olive kitteridge #hardcover fiction #picture book

Top Publishing Links of the Week: January 18-22, 2016

Prize-winning authors, ebook sales and pricing, startups and investments: these are some of the top book publishing stories of the week. The post Top Publishing Links of the Week: January 18-22, 2016 appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives

[ Publishing Perspectives | 2016-01-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #ebook sales

Bookselling Roundup, Week Ending January 22, 2016

Canadian chain Indigo goes small; a Tustin, Calif., bookstore prepares to shutter; Amazon gets taxed in Colorado; and more. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-22 00:00:00 UTC ]
More news stories like this |

PW Picks: Books of the Week, January 25, 2016

This week: a creepy blend of true crime and modern ghost story, plus essays on 25 groundbreaking female artists. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-22 00:00:00 UTC ]
More news stories like this | News stories tagged with: #true crime

Canada’s 2016 “Battle of the Books” Shortlist Announced

Five titles have been shortlisted for Canada Reads 2016, a program that highlights Canadian authors and gives the winner a significant sales boost. The post Canada’s 2016 “Battle of the Books” Shortlist Announced appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives

[ Publishing Perspectives | 2016-01-21 00:00:00 UTC ]
More news stories like this | News stories tagged with: #post canada

IEEE: 2016 will be the year of the drone, but there's bad news for MP3 players, digital cameras, and wearables

43 percent of UK consumers expect drones to be the most influential technology in 2016, according to IEEE’s annual survey, with smart phones (38 percent) and 3D printing (31 percent) close behind. The online survey, conducted in November 2015, questioned over two thousand adults to find out what... Continue reading at Betanews

[ Betanews | 2016-01-21 00:00:00 UTC ]
More news stories like this | News stories tagged with: #bad news #annual survey #online survey

2016 Hans Christian Andersen Award Shortlist Announced

The International Board on Books for Young People has announced the shortlist for the 2016 Hans Christian Andersen Awards. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-21 00:00:00 UTC ]
More news stories like this | News stories tagged with: #international board

Blake Morrison to chair Goldsmiths Prize 2016

Writer and critic Blake Morrison is to chair this year’s Goldsmiths Prize – the £10,000 award created by Goldsmiths, University of London, in association with the New Statesman, to reward “boldly original fiction”. Continue reading at The Bookseller

[ The Bookseller | 2016-01-21 00:00:00 UTC ]
More news stories like this | News stories tagged with: #goldsmiths prize #blake morrison

Cookbooks Preview: February 2016

Coming in February: a cookbook from supermodel Chrissy Teigen, James Beard's American classics, and proper Koreatown food. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-20 00:00:00 UTC ]
More news stories like this | News stories tagged with: #cookbooks preview

Top Publishing Links of the Week: January 11-15, 2016

From the Guardian's top fiction picks for 2016 to Istanbul's diverse and growing literary festival, we bring you some of the top publishing links from PP and around the web. The post Top Publishing Links of the Week: January 11-15, 2016 appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives

[ Publishing Perspectives | 2016-01-15 00:00:00 UTC ]
More news stories like this |

Attendance Up at ALA Midwinter 2016

This year's show was attended by over 11,000 people, and featured appearances by Isaac Mizrahi, Cory Booker, and others. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-15 00:00:00 UTC ]
More news stories like this | News stories tagged with: #isaac mizrahi

Bookselling Roundup, Week Ending January 15, 2016

New bookstores are coming soon to Claremont, Calif., Ankeny, Iowa, and Philadelphia. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-15 00:00:00 UTC ]
More news stories like this |

Apple iBooks Category Bestsellers, January 10, 2016

The bestselling iBooks in mystery, romance, sci-fi, biography, fiction, and more for the week ended January 10, 2016. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-15 00:00:00 UTC ]
More news stories like this | News stories tagged with: #bestselling ibooks

This Week's Bestsellers: January 18, 2016

’The Revenant’ took the long road from page to screen, and back again; its tie-in edition and a host of others appear on our adult and children’s lists. Plus we see how publishers are helping readers keep their 2016 resolutions, and check in on a three-year-old wedding title that got a boost... Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-15 00:00:00 UTC ]
More news stories like this | News stories tagged with: #long road #helping readers #wedding title #engagement season

Earnings soar for UK's bestselling authors as wealth gap widens in books industry

New study reveals Julia Donaldson, David Walliams and JK Rowling lead the top 1% of authors, who account for nearly a third of all UK book salesThe gap between publishing’s rich and poor continues to widen, as figures from Nielsen BookScan reveal that the top 50 authors account for more than 13%... Continue reading at The Guardian

[ The Guardian | 2016-01-15 00:00:00 UTC ]
More news stories like this | News stories tagged with: #sixth year #jk rowling #joel morris #jason hazeley #writing duo #bestselling series #ladybird parodies #jamie oliver

Book Deals: Week of January 18, 2016

Diane Novak in a seven-figure deal with Harlequin; a horse-and-squirrel picture book, for adults, to Blue Rider; Chronicle buys an illustrated yoga book, with photos by Jaimie Baird; Europa nabs Alexander Maksik’s novel about love and mental illness and more in this week's notable book deals. Continue reading at Publishers Weekly

[ Publishers Weekly | 2016-01-15 00:00:00 UTC ]
More news stories like this | News stories tagged with: #book deals #seven-figure deal #blue rider #chronicle buys #mental illness

Review of 2015: Donaldson is top author, extends record run

Recent reports about a widening disparity between the earnings of authors at the top of the charts and those at the bottom of the food chain are borne out in 2015’s figures—but the story is far from black and white. Continue reading at The Bookseller

[ The Bookseller | 2016-01-15 00:00:00 UTC ]
More news stories like this | News stories tagged with: #recent reports