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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Written By: Lisa Campbell Publication Date: Tue, 10/05/2011 - 16:38 W H Smith has signed an exclusive deal to extend the Richard and Judy Book Club until 2015. The high street retailer has signed a contract with the celebrity couple to personally read and recommend eight fiction titles to WHS... Continue reading at The Bookseller
[ The Bookseller | 2011-05-10 00:00:00 UTC ]
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Written By: Caroline Horn Publication Date: Mon, 09/05/2011 - 09:28 Publishers sales of childrens books fell by almost 7% during 2010, from 190m in 2009 to 177m in 2010, marking a third successive fall for the childrens market since 2007 when publishers sales stood at 212m units. The... Continue reading at The Bookseller
[ The Bookseller | 2011-05-09 00:00:00 UTC ]
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Written By: Benedicte Page and Philip Stone Publication Date: Mon, 11/04/2011 - 09:40 Book sales have slumped on both sides of the Atlantic as the British and American markets experienced year-on-year declines in the first quarter of 2011. Book sales in the UK were down 3.1% to £324m, with... Continue reading at The Bookseller
[ The Bookseller | 2011-04-11 00:00:00 UTC ]
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Written By: Philip Stone Publication Date: Tue, 29/03/2011 - 15:50 Book sales slipped for the fourth week in a row last week, and were down more than £3.3m last year, according to Nielsen BookScan data. A total of £24.2m was spent on printed books at UK retail outlets in the seven days to 26th... Continue reading at The Bookseller
[ The Bookseller | 2011-03-29 00:00:00 UTC ]
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Written By: Bookseller Staff Publication Date: Mon, 28/03/2011 - 09:30 Tim Waterstone is reportedly assembling a management team for Waterstone's with a view of returning the chain to its stock-holding roots, as speculation mounts about a bid. The weekend press extensively reported on the... Continue reading at The Bookseller
[ The Bookseller | 2011-03-28 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 03/03/2011 - 05:36 The administrators of British Bookshops and Stationers will begin an online auction of non-book stock, including forklift trucks and office equipment, on Tuesday (8th March). Interested parties will be invited to view the... Continue reading at The Bookseller
[ The Bookseller | 2011-03-03 00:00:00 UTC ]
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Written By: Philip Jones Publication Date: Tue, 22/02/2011 - 09:10 Apple's new subscription terms could fall under the gaze of regulators in the US and the EU, according to the Wall Street Journal, though the newspaper doubts that much will be achieved unless Apple chooses to give ground in... Continue reading at The Bookseller
[ The Bookseller | 2011-02-22 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Tue, 22/02/2011 - 15:14 Net income at Barnes & Noble fell by 25% to $60.6m (£37.5m) during its Christmas trading quarter, the US retailer has revealed. For the 13 weeks to 29th January, total sales at the bookseller increased by 7% to $2.3bn... Continue reading at The Bookseller
[ The Bookseller | 2011-02-22 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Tue, 22/02/2011 - 15:20 Net income at Barnes & Noble fell by 25% to $60.6m (£37.5m) during its Christmas trading quarter, the US retailer has revealed. For the 13 weeks to 29th January, total sales at the bookseller increased by 7% to $2.3bn... Continue reading at The Bookseller
[ The Bookseller | 2011-02-22 00:00:00 UTC ]
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Written By: Philip Jones Publication Date: Thu, 17/02/2011 - 09:34 The Australian book trade has been hit by the surprise collapse of REDgroup, which owns the country's largest bookshop chain Angus & Robertson, as well as Borders and the Whitcoulls chain of newsagencies in New Zealand. It... Continue reading at The Bookseller
[ The Bookseller | 2011-02-17 00:00:00 UTC ]
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Consumer magazines slowed their general circulation skid, with total paid and verified circ dropping 1.2 percent for the second half of 2010 (compared to a 2.3 percent drop in the first half of the year), according to preliminary figures reported in the Audit Bureau of Circulations' most recent... Continue reading at Folio Magazine
[ Folio Magazine | 2011-02-07 00:00:00 UTC ]
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