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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Over the past year, Peter Hildick-Smith, founder and CEO of the Codex Group, and Kristen McLean, director of new business development for Nielsen Book, have been following several industry developments that could well shape book sales going forward. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-08 00:00:00 UTC ]
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New stores are opening in Key West and Clanton, Ala., while a temporary store in Bremerton, Wash., is converting to a permanent one. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-08 00:00:00 UTC ]
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This week: new books from Elizabeth Strout and China Mieville, and the fascinating world of brilliant con artists. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-08 00:00:00 UTC ]
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The January 2016 selection of reviews from BlueInk Review includes a science fiction novel set in space and a children's picture book about families. The post January 2016: Top Reviews of Self-Published Books from BlueInk Review appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2016-01-08 00:00:00 UTC ]
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Three years ago Amy Cuddy, a social psychologist and associate professor at the Harvard Business School, garnered a lot of attention for a TED Talk on body language and power posing. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-08 00:00:00 UTC ]
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'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 | 2016-01-08 00:00:00 UTC ]
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Baird Harper sells his debut to Scribner, Swedish indie success Emilie Schepp lands at Mira, cartoonist Zac Gorman sells a middle grade fantasy series, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-08 00:00:00 UTC ]
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A selection of adult and children’s authors to meet at this year’s Winter Institute—and what makes their books notable. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-08 00:00:00 UTC ]
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For the second time in four days, China halted stock trading Thursday after the benchmark Shanghai composite index plunged more than 7%. The drop-off once again triggered new measures adopted by the government to help check large declines in the market. Join the conversation on Facebook >>... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-01-07 00:00:00 UTC ]
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The original hashtag, created after the World Book Night failed to include BAME authors on its giveaway list, has rebranded as #ReadDiverse2016 to ‘celebrate diversity in all its forms’ for the whole year#DiverseDecember, last month’s celebration of writers of colour, was “hugely popular”... Continue reading at The Guardian
[ The Guardian | 2016-01-07 00:00:00 UTC ]
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Want to know when your favourite author has a new book published? When the awards are being dished out? What film adaptations are up-coming or get the low-down on festivals near you? Then check out our literary calendar for 2016Have we missed anything? Email us at [email protected]... Continue reading at The Guardian
[ The Guardian | 2016-01-04 00:00:00 UTC ]
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Twins in San Diego are getting some attention because, though born just minutes apart, one has a birthday in 2015 and the other in 2016. Jaelyn Valencia was born New Year's Eve at 11:59 p.m. Her twin brother, Luis Valencia Jr., arrived at 12:01 a.m. on New Year's Day. Join the conversation on... Continue reading at Los Angeles Times
[ Los Angeles Times | 2016-01-03 00:00:00 UTC ]
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What is going on with ebooks? As 2016 dawns, what’s driving a decline in trade ebook sales is one of the big questions hanging over the publishing industry. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-01-01 00:00:00 UTC ]
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Hearst Magazines president David Carey says that the company will test out new print magazine concepts in 2016, and partner with "next-generation content creators and technology companies" to launch new editorial products and joint ventu ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2015-12-28 00:00:00 UTC ]
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Spoof titles with vintage artwork strike a chord with Christmas shoppers, selling more than 600,000 copies in less than two monthsNostalgia for the days of learning to read with Peter and Jane appears to have made Ladybird’s series of spoof titles for grownups a must-buy this Christmas, with... Continue reading at The Guardian
[ The Guardian | 2015-12-22 00:00:00 UTC ]
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English PEN's annual fundraising event 'Inspirations’ in 2016 is set to feature British artist Grayson Perry CBE. Continue reading at The Bookseller
[ The Bookseller | 2015-12-22 00:00:00 UTC ]
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The Scottish government's draft budget has revealed that Creative Scotland's funding will be reduced by 3.6% to £32.2m in the financial year 2016/17. Continue reading at The Bookseller
[ The Bookseller | 2015-12-19 00:00:00 UTC ]
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Scholastic Inc has reported a drop in earnings of 1.5% for the second quarter of 2016, although its UK market grew in local currency terms. Continue reading at The Bookseller
[ The Bookseller | 2015-12-19 00:00:00 UTC ]
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The negative impact of foreign exchange was a key factor in dropping revenue at Scholastic in Q2. For the period ended November 30, compared to the same stretch a year ago, revenue fell to $601.8 million, down from $611.1 million. Continue reading at Publishers Weekly
[ Publishers Weekly | 2015-12-17 00:00:00 UTC ]
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Biographer and historian Amanda Foreman is to chair the 2016 Man Booker Prize jury, and will be backed by a critic, a novelist, a poet and an actor. Continue reading at The Bookseller
[ The Bookseller | 2015-12-15 00:00:00 UTC ]
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