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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Faber has landed a collection of "uplifting" romantic short stories, edited by author Melissa Meyer. Continue reading at The Bookseller
[ The Bookseller | 2021-08-26 20:21:46 UTC ]
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Eddie Gallagher isn’t the only example of the elite force’s problems, David Philipps writes. Continue reading at The Washington Post
[ The Washington Post | 2021-08-24 07:41:36 UTC ]
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The internet was awash with tech deals this week, with some of the best coming from Apple and Amazon. Apple's AirPods Pro dropped to $180 while the MacBook Pro M1 received at $200 discount. Amazon kicked off its "off to college" sale by reducing the prices of its Echo speakers, including the... Continue reading at Engadget
[ Engadget | 2021-08-20 15:50:10 UTC ]
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These are 16 of the best contemporary romance novels that have been published in the last five years, including Destination Wedding by Diksha Basu. Get your summer reading list ready! Continue reading at Book Riot
[ Book Riot | 2021-08-18 10:35:00 UTC ]
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Yesterday morning, Rita Glavin—an attorney for Andrew Cuomo, the governor of New York, who has vigorously defended her client (including in a fifty-one-minute live interview on CNN) since a state report concluded that he sexually harassed eleven women—came out swinging again in a virtual... Continue reading at Columbia Journalism Review
[ Columbia Journalism Review | 2021-08-11 12:45:23 UTC ]
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Oxford University Press recorded turnover of £754.5m in the 12 months to the end of March 2021, a 10.7% decrease on the previous year (£844.9m) and a decline of 8.6% at constant exchange rates. Continue reading at The Bookseller
[ The Bookseller | 2021-07-15 12:22:06 UTC ]
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Gayl Jones has not published a book for 20 years, but her publisher, Beacon Press, is determined to make up for lost time, publishing five new books by the influential author over the next two years—including the novel 'Palmares' this September. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-05-14 04:00:00 UTC ]
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Under the terms of its program, which PRH began more than a year ago, libraries have the option to license e-books and digital audio for one-year terms at a 50% prorated price as an alternative to the existing two-year term (for e-books) or perpetual access (for digital audio). Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-04-08 04:00:00 UTC ]
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Penguin Random House will allow independent bookstores in the United States to take an additional month to pay their invoices to the publisher, the company announced on Wednesday. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-03-24 04:00:00 UTC ]
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The Quarto Group saw revenue fall 7% year on year in 2020 to $126.9m (£91.5m) although adjusted operating profit increased to $10.6m (£7.6m) in the same period. Continue reading at The Bookseller
[ The Bookseller | 2021-03-22 10:24:18 UTC ]
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W H Smith has extended its bank financing arrangements, including extending two existing £200m term loans to October 2023, and reported a “better than expected” performance in the first part of 2021. Continue reading at The Bookseller
[ The Bookseller | 2021-03-09 15:38:01 UTC ]
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Most digital publishers connect to Google’s ad tech in some way, but those reliant on open programmatic ad exchanges, and without robust first-party data solutions, could be hurt by Google's data decisions. The post ‘We don’t have visibility’: Google’s ad targeting limits expose publishers with... Continue reading at Digiday
[ Digiday | 2021-03-08 05:01:00 UTC ]
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With the London and Bologna book fairs rescheduled in an attempt to host a physical event, a number of companies have sought to create their own virtual ‘fairs’ to enable rights-trading and connect authors and readers. Continue reading at The Bookseller
[ The Bookseller | 2021-03-06 02:57:17 UTC ]
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While we don’t know what the state of the our pandemic society will be come September, we can at least be sure that we’ll all be getting a little Joy Williams, as a treat. Specifically, a new novel—her fifth, and her first since 2000’s The Quick and the Dead, which was a runner-up for the […] Continue reading at Literrary Hub
[ Literrary Hub | 2021-03-03 21:01:23 UTC ]
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Hachette UK has released its latest gender pay gap report, revealing that the mean gender pay gap for Hachette UK Ltd dropped by four percentage points from 25.9% in 2019 to 21.9% in 2020. Continue reading at The Bookseller
[ The Bookseller | 2021-01-26 18:43:45 UTC ]
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Viking is to publish two further First World War history titles by Dr Nick Lloyd, to follow on from The Western Front, which the imprint is bringing out next March. Continue reading at The Bookseller
[ The Bookseller | 2021-01-13 09:20:33 UTC ]
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Yesterday, Georgia voters returned to the polls to decide which candidates would represent the state in the US Senate—and, by extension, which party would control Congress for the next two years. Early this morning, national outlets declared Reverend Raphael Warnock, a Democrat, the winner of... Continue reading at Columbia Journalism Review
[ Columbia Journalism Review | 2021-01-06 15:02:37 UTC ]
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A second-half rally helped to limit the decline of the Publishers Weekly Stock Index to 4% in 2020, as four of the seven companies on the PWSI managed to post an increase in their stock prices compared to the beginning of the year. Continue reading at Publishers Weekly
[ Publishers Weekly | 2021-01-05 05:00:00 UTC ]
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The Interactive Advertising Bureau (IAB) has set its upcoming 2021 NewFronts to take place virtually during the week of May 3, 2021. The trade organization extended invitations to linear television broadcasters in addition to the digital media publishers, streamers and platforms that have long... Continue reading at AdWeek
[ AdWeek | 2020-12-10 10:00:00 UTC ]
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Penguin Random House has published its first ever ethnicity pay report, which found that BAME staff are paid 16% less than their white colleagues, on average. Continue reading at The Bookseller
[ The Bookseller | 2020-11-29 12:21:20 UTC ]
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