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 ]
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Heartland Fall Forum 2022: Bigger, Better, More Diverse Than Ever

Heartland Fall Forum in St. Louis was, booksellers and exhibitors reported, the most exciting regional in years, with an influx of young and BIPOC booksellers giving the show a boost of energy. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-10-17 04:00:00 UTC ]
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Lively Awards Ceremony Kicks Off Heartland Fall Forum

Heartland Fall Forum, the 10th joint show co-hosted by the Midwest Indie Booksellers and Great Lakes Indies Booksellers associations, kicked off yesterday evening in St. Louis with a raucous awards ceremony. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-10-13 04:00:00 UTC ]
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PNBA Touts Strong Regional Identity at Fall Show

Booksellers appreciated the mix of big and small and regional and national publishers who made the trip to Tacoma for the Pacific Northwest Booksellers Association fall trade show. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-09-22 04:00:00 UTC ]
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3 new audiobooks to kick off your fall playlist

Titles for many tastes: a posthumous memoir by Michael K. Williams, a new recording of an 18th-century romance and a sweeping African novel Continue reading at The Washington Post

[ The Washington Post | 2022-09-10 11:00:03 UTC ]
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Five new thrillers to kick off your fall reading

New books by Megan Goldin, Jonathan Ames, Laurie Loewenstein, William Kent Krueger and Tracey Lien offer a murder-and-mayhem tour across the globe Continue reading at The Washington Post

[ The Washington Post | 2022-09-03 11:00:28 UTC ]
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Fall Bookseller Gatherings Preview

This season’s regional shows mark the first time that many booksellers have been able to get together in person since the start of the pandemic. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-08-26 04:00:00 UTC ]
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Big Indie Books of Fall

The upcoming season is rich with strong titles from independent and university presses. Here are 20, for adults and kids, to put on your radar. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-08-26 04:00:00 UTC ]
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Heartland Fall Forum Turns 10

The first in-person Heartland Fall Forum since 2019 will be used to mark the first decade of the partnership between the Great Lakes Independent Booksellers Association and the Midwest Independent Booksellers Association, which resulted in HFF. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-08-26 04:00:00 UTC ]
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Indies Expect a Happy Holiday Season—Big books of the Fall

Indie bookstores are looking forward to a strong season, with new releases from Michelle Obama and other heavy hitters. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-08-26 04:00:00 UTC ]
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Programming Highlights Fall 2022

This year’s bookseller gatherings offer plenty of opportunities for meeting authors and illustrators and sharing bookselling tips. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-08-26 04:00:00 UTC ]
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Big Children's Books for Fall 2022

According to a survey of booksellers PW conducted across the country, a broad selection of new releases for all ages and in all genres is certain to appeal to readers—particularly in the children’s category. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-08-25 04:00:00 UTC ]
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Micron, Novavax fall; Qualys, Nielsen Holdings rise

Stocks that traded heavily or had substantial price changes Tuesday: Micron, Novavax fall; Qualys, Nielsen Holdings rise Continue reading at ABC News

[ ABC News | 2022-08-09 20:13:11 UTC ]
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Mirror owner’s profits fall by nearly a third as newsprint costs soar

Reach, which also publishes the Star and the Express titles, says Ukraine war has affected advertisingThe rising cost of paper has dented profits at the publishing company Reach, which owns titles including the Mirror, the Express and dozens of local newspapers.Physical newsprint costs have... Continue reading at The Guardian

[ The Guardian | 2022-07-26 11:26:46 UTC ]
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Book Club Books to Read This Summer and Fall

Looking for the best book club books for summer and fall 2022? This guide has something for every kind of book club. Continue reading at Book Riot

[ Book Riot | 2022-06-24 10:32:00 UTC ]
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How Big Can the Fall Regional Bookselling Conferences Get?

Executive directors at regional bookseller associations across the country believe that conditions are right for big turnouts at their in-person fall shows. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-06-17 04:00:00 UTC ]
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Book Biz Stocks Take a Hit

A tough year for the stock market got worse in April, leading the Publishers Weekly Stock Index, now down to only six companies, to drop 8.8%. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-05-06 04:00:00 UTC ]
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Marvel’s 'All-Out Avengers' Series Is Coming This Fall. Here’s What Fans Should Know.

Marvel says the new comic book series will kick off with everyone's favorite A-List Avengers. Continue reading at The Huffington Post

[ The Huffington Post | 2022-04-13 22:29:27 UTC ]
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Falling in Love Is Hard When You’re the Guardian of the Dead

Ayanna Lloyd Banwo’s debut novel When We Were Birds begins in the time before time and follows the uneasy truce between the living and the dead. Cigarettes are offered, liquor is poured, prayers are said, all in the hope that the buried stay buried. This is the story of Yejide, a young woman who... Continue reading at Electric Literature

[ Electric Literature | 2022-04-01 11:00:00 UTC ]
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Toy Fair New York Makes a Move to Fall

The Toy Association, the trade group serving the $32.6 billion toy industry, has announced that Toy Fair New York will return after its Covid hiatus, but not until September 2023. Continue reading at Publishers Weekly

[ Publishers Weekly | 2022-03-31 00:00:00 UTC ]
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