Athleta news and archive

Gap narrows Q1 losses despite drop in sales

US fashion and lifestyle giant Gap reported a 6 percent drop in sales in the first quarter of the year, but its stock price jumped as its losses narrowed. In the three months ended April 29, the retailer made sales of 3.28 billion dollars compared to the 3.48 billion dollars it reported a year earlier amid a backdrop of rising inflation and...

BusinessFeatured

Gap reports tough Q4, rejigs leadership team

Fourth quarter net sales at Gap, Inc. of 4.24 billion dollars, were down 6 percent compared to last year, and comparable sales were down 5 percent. The company’s store sales decreased 3 percent compared to last year, while online sales decreased 10 percent and represented 41 percent of total net sales. For the full year, the company’s net sales...

Fashion

Athleta launches in the UK via joint venture with Next

US premium sports and activewear brand Athleta, acquired by Gap in 2008, has officially entered the UK market via Gap Inc’s joint venture with Next PLC. The move expands the Gap partnership, which has seen the apparel brand reintroduced to the British high street with shop-in-shops in Next stores across the UK, as well as the arrival of Banana...

Fashion Featured

Gap Inc confirms Banana Republic is returning to the UK

Gap Inc. confirms that Banana Republic and Athleta will start selling within the UK and Ireland again through its joint venture with Next announced in September 2021, where Next owns 51 percent and Gap owns 49 percent. The move builds on the success of the Gap partnership, which has seen the apparel brand reintroduced to the British high street...

BusinessFeatured

Gap posts profit as Q3 sales increase

Third quarter net sales at Gap Inc. of 4.04 billion dollars, were up 2 percent compared to last year, while comparable sales were up 1 percent year-over-year. The company's reported net income was 282 million dollars and adjusted net income was 260 million dollars. The company anticipates that total company net sales could be down mid-single...

BusinessFeatured

Gap remains 'cautiously optimistic' about FY22 results

Second quarter net sales of 3.86 billion dollars, were down 8 percent at Gap Inc. compared to last year, while comparable sales were down 10 percent year-over-year. While the company is making progress balancing its assortments, it remains cautiously optimistic in light of the consumer environment as it relates to its revenue in the second half...

BusinessFeatured

Gap CEO Sonia Syngal steps down as sales continue to decline

Gap Inc. has announced the departure of president and chief executive officer Sonia Syngal. The company said in a release that effective immediately, Bob Martin, the company's current executive chairman of the board, will serve as Gap Inc. president and chief executive officer on an interim basis. Mayo Shattuck will continue to serve as lead...

BusinessFeatured

Gap lowers FY22 outlook after tough Q1 trading

Gap has reported a 13 percent year-over-year drop in sales to 3.5 billion dollars in the first quarter of the year, with comparable sales down 14 percent. Online sales at the US fashion giant declined 17 percent, while its store sales were down 10 percent. The company swung to a net loss of 162 million dollars from a net profit of 166 million...

BusinessFeatured

Gap posts profit in FY21, reveals positive earnings forecast

Gap Inc. said reported diluted loss per share for the fourth quarter was 4 cents, while adjusted diluted loss per share was 2 cents. Fiscal year 2021 reported diluted earnings per share were 67 cents and adjusted diluted earnings per share were 1.44 dollars. The company’s fourth quarter net sales of 4.5 billion dollars were down 3 percent...

Business

Gap increases annual dividend by 25 percent

Gap Inc. board of directors has approved plans to increase the company’s annual dividend per share to 60 cents in fiscal year 2022, a 25 percent increase from the company’s current annualized rate of 48 cents. The company announced that its board of directors has authorized a first quarter fiscal year 2022 dividend of 15 cents per share, payable...

Business

Gap gets downgrade, Bank of America cites Old Navy concerns

Bank of America (BofA) has once again dropped its rating of Gap Inc., taking it from Neutral to Underperform. The firm has expressed apprehensions over the ongoing impact of supply chain challenges on the retail group’s near-term results, as well as citing concern with Old Navy, which it has said accounts for 55 percent of Gap’s sales. “We...

BusinessFeatured

Supply chain disruptions impact Gap's Q3

Gap Inc. reported a third quarter fiscal year 2021 diluted loss per share of 40 cents. The company said, third quarter net sales of 3.9 billion dollars were down 1 percent compared to 2019 with supply chain disruption driving an estimated 8 percentage point negative impact due to constrained inventory. The company noted that while supply chain...