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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A group of Special Ops veterans released its own ebook, 'No Easy Op,' suggesting 'No Easy Day' author Matt Bissonnette wrote his book in part due to ‘bad blood’ with his former unit. Continue reading at The Christian Science Monitor
[ The Christian Science Monitor | 2012-09-05 00:00:00 UTC ]
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Over the past decade sales patterns have changed, with fall, or “holiday,” sales picking up later and later—often in the last two weeks of the season. But things could be different this year. With the closing of Borders, many stores saw a significant uptick last November, and for some, like San... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-09-01 00:00:00 UTC ]
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The Defense Department and CIA consider legal action against the former SEAL, author of 'No Easy Day,' for failing to submit the work for a security review.WASHINGTON — The Pentagon and CIA are reviewing a forthcoming book by a retired Navy SEAL who was on the May 2011 raid that killed Osama bin... Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-08-30 00:00:00 UTC ]
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E-book releases from Amazon’s New York-based publishing imprint will be available through... Continue reading at The Bookseller
[ The Bookseller | 2012-08-29 00:00:00 UTC ]
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YA promises diversity with historical fiction, paranormal romance, murder mysteries and thrillers.YA promises diversity with historical fiction, paranormal romance, murder mysteries and thrillers. Continue reading at Los Angeles Times
[ Los Angeles Times | 2012-08-26 00:00:00 UTC ]
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HMV has seen a 16% rise in book sales year on year after refocusing its core offer back onto... Continue reading at The Bookseller
[ The Bookseller | 2012-08-24 00:00:00 UTC ]
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While Barnes & Noble has created lots of buzz and headlines with its Nook e-reading devices, its future profitability lies in the sale of content. That was the message CEO William Lynch delivered to analysts last week in a conference call discussing first-quarter results. Improved gross... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-08-24 00:00:00 UTC ]
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Hot Key Books has hired Amy Orringer as digital coordinator as the children's publisher... Continue reading at The Bookseller
[ The Bookseller | 2012-08-22 00:00:00 UTC ]
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Random House has announced a multi-year extension of its sales and distribution partnership with Wizards of the Coast LLC, which began in 2005. Wizards of the Coast is the publisher of Dungeons & Dragons and other popular fantasy and sci-fi series. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-07-16 00:00:00 UTC ]
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Led by big dollar gains at Amazon and Walt Disney Co., the Publishers Weekly Stock Index rose 16.7% in the first six months of 2012, almost triple the increase posted by the Dow Jones Industrial Average. Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-07-06 00:00:00 UTC ]
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Random House is printing extra stock of Fifty Shades of Grey in Germany to help keep bookshelves... Continue reading at The Bookseller
[ The Bookseller | 2012-06-29 00:00:00 UTC ]
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The May sunshine led to a 3.4% total sales increase last month, according to the British Retail... Continue reading at The Bookseller
[ The Bookseller | 2012-06-07 00:00:00 UTC ]
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The head of libraries at Manchester City Council has denied claims that up to half of Manchester... Continue reading at The Bookseller
[ The Bookseller | 2012-06-01 00:00:00 UTC ]
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Nothing has challenged bricks-and-mortar bookstores to reconsider their physical space and what they carry more than the recession and the rise of ebooks. Recently, two independents announced that they will reduce their space. Third Street Books in McMinnville, Ore., which expanded in 2006, is... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-04-20 00:00:00 UTC ]
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Regional newspaper publisher Northcliffe Media has reported a further six per cent year-on-year decline in like-for-like revenue over the past six months. Parent company Daily Mail and General Trust (DMGT) said in a trading update today that althou ... Continue reading at Editor & Publisher
[ Editor & Publisher | 2012-04-17 00:00:00 UTC ]
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Faber’s digital business Faber Factory, powered by Constellation, has launched the British... Continue reading at The Bookseller
[ The Bookseller | 2012-04-17 00:00:00 UTC ]
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The addition of 41 former Borders stores helped to give Books-A-Million its best holiday season in years for the quarter ended January 28, 2012, but how well that strategy will play out for the full year isn’t yet clear. While fourth quarter sales rose 10.7%, to just under $167 million,... Continue reading at Publishers Weekly
[ Publishers Weekly | 2012-03-16 00:00:00 UTC ]
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Printed book sales slumped 11% last week as children returned to school and adults to work... Continue reading at The Bookseller
[ The Bookseller | 2012-02-28 00:00:00 UTC ]
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The leading French cultural products chain Fnac has reported a dismal performance in 2011, even... Continue reading at The Bookseller
[ The Bookseller | 2012-02-17 00:00:00 UTC ]
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The Economist is the magazine industry's undisputed star performer, achieving 61 consecutive circulation rises over the last 31 years, but group chief executive Andrew Rashbass expects global print sales to fall for the first time in 2012, so why is he "delighted"? Continue reading at Media Week
[ Media Week | 2012-02-08 00:00:00 UTC ]
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