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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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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Printed book sales fell 12% year on year in January, with spending falling to its lowest point... Continue reading at The Bookseller
[ The Bookseller | 2012-02-01 00:00:00 UTC ]
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Physical book sales in the final week of the year totalled £22.5m — down 70% week on... Continue reading at The Bookseller
[ The Bookseller | 2012-01-04 00:00:00 UTC ]
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Orion is to extend its early reader series after achieving sales of 1.3 million units for the... Continue reading at The Bookseller
[ The Bookseller | 2011-12-05 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 10/11/2011 - 09:44 Total group sales at W H Smith have dropped by 3% in the last 10 weeks, with like-for-like sales down by 6% in comparison to last year. This morning (10th November) the company reported in its interim financial results for the... Continue reading at The Bookseller
[ The Bookseller | 2011-11-10 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Wed, 09/11/2011 - 09:53 The latest edition of fact compendium Guinness World Records was the bestselling book in another slow week for the book trade. Sales of Guinness World Records 2012 rose 26% week-on-week, to 27,360 copies sold, but overall book... Continue reading at The Bookseller
[ The Bookseller | 2011-11-09 00:00:00 UTC ]
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Attic Brand Media, the customer and consumer magazine publisher behind Kick and National Geographic Kids, has fallen into administration after 22 years, according to sources. Continue reading at Media Week
[ Media Week | 2011-11-09 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Tue, 08/11/2011 - 10:19 UK retail sale values sank 0.6% in October compared to last year, with the British Retail Consortium warning sales were "worryingly weak" in the approach to Christmas. In October last year, sales values had risen by 0.8%. On a... Continue reading at The Bookseller
[ The Bookseller | 2011-11-08 00:00:00 UTC ]
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This story first appears on FOLIO: sister site, minonline. Meredith Corp. chairman/CEO (since July 2004) Steve Lacy announced that the board of directors approved a $1.02-to-$1.53 per-share increase in the quarterly dividend paid to investors and authorized the repurchase of $100 million of... Continue reading at Folio Magazine
[ Folio Magazine | 2011-10-27 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 20/10/2011 - 09:00 Bertrams' sales and operating profit has dropped marginally in the last year while the book wholesaler said its merger with Dawson Books will increase revenues by a third. read more Continue reading at The Bookseller
[ The Bookseller | 2011-10-20 00:00:00 UTC ]
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If self-publishing is a major part of the future of the publishing business, then its most uncharted region, and the frontier of greatest possibility, is digital self-publishing, where authors can make their own names and sell infinite numbers of books with the help of a handful of increasingly... Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-10-14 00:00:00 UTC ]
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After showing growth for the first six months of 2011, consumer magazine ad pages fell 5.6 percent in the third quarter compared to the same period in 2010, according to newly released figures from Publishers Information Bureau. Continue reading at Folio Magazine
[ Folio Magazine | 2011-10-11 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Wed, 28/09/2011 - 08:49 Profits at Canongate for its 2010 financial year fell by 42.7%, which the publisher said reflected the cost of acquiring specialist audio publisher CSA, as well as investing in staff and systems. read more Continue reading at The Bookseller
[ The Bookseller | 2011-09-28 00:00:00 UTC ]
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Februarys news that the distributor H.B. Fenn and Company had filed for bankruptcy sent shock waves throughout the industry, and while the fallout has dissipated some, the industry is still examining what lessons can be drawn from Fenns demise. Although Fenn had few Canadian clients, its... Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-09-16 00:00:00 UTC ]
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Despite the decline of paper product use among publishers, prices for paper havent fallen the way many hoped they would. Some say that this is the result of demand meeting supply, while others think pricing is about to change for the publishers benefit. Terry Choate, president of Making... Continue reading at Folio Magazine
[ Folio Magazine | 2011-08-30 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Fri, 29/07/2011 - 09:30 Penguin reported lower sales and profits in the first half of 2011 as it adjusted to the "unprecedented challenges" afflicting the publishing sector including the loss of high street booksellers in the US and Australia... Continue reading at The Bookseller
[ The Bookseller | 2011-07-29 00:00:00 UTC ]
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Magazine publisher Future is restructuring its business in the UK and US following a 5% fall in group revenues over the past nine months. Continue reading at Media Week
[ Media Week | 2011-07-15 00:00:00 UTC ]
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Booksellers have the industry connections to publish their books just about anywhere, but for some bookstore owners, self-publishing is preferable to going the traditional route. Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-07-08 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Wed, 01/06/2011 - 09:16 Profit and sales have increased at co-edition publisher Quarto although it warned the UK market remains "weak". Ahead of today's annual general meeting, chairman and c.e.o. Laurence Orbach said sales were up 4% to $178.5m... Continue reading at The Bookseller
[ The Bookseller | 2011-06-01 00:00:00 UTC ]
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The Readers Digest Association (RDA) shared its first quarter results this morning, and fallen revenues show that the company is still nursing its wounds since Continue reading at Folio Magazine
[ Folio Magazine | 2011-05-16 00:00:00 UTC ]
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