News Formal

Gap plans to spin off Old Navy into separate company; shares jump 18 per cent

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 92%

United Kingdom News News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

Gap plans to spin off Old Navy into separate company; shares jump 18 per cent GlobeBusiness

“It’s clear that Old Navy’s business model and customers have increasingly diverged from our specialty brands over time,” Gap’s Chairman Robert Fisher said.The company also said it plans to close 230 Gap specialty stores over the next two years.

Gap’s overall same-store sales fell 1 per cent in the fourth quarter ended Feb. 2, compared to analysts’ average estimate of 0.3 percent rise, according to IBES data from Refinitiv. Gap, Athleta, Banana Republic and the remaining brands will be part of a yet-to-be-named company. The separation is expected to be completed by 2020, Gap said.Tickers mentioned in this story

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in UK
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Canadian dollar weakens as current account gap widens, stocks fallCanadian dollar weakens as current account gap widens, stocks fall GlobeInvestor globeinvestor Good!!
Source: globeandmail - 🏆 5. / 92 Read more »