We use first party and third-party Cookies to help us understand Website usage and to improve the content and offerings and to provide you advertising, analytics and other purposes related to your navigation habits. If you continue scrolling, we consider you accept the policy. You can read more about our cookie policy.


The global fashion business journal

Mar 29, 202010:23am

Gap keeps struggling, profit plunges 47% in the third quarter

The company expects to end its fiscal year with a single digit drop in sales. In the third quarter, the company’s sales were 3.9 billion dollars.  

Nov 22, 2019 — 8:19am
mds
Related topics
Save

Gap keeps struggling, profit plunges 47% in the third quarter

 

 

Gap is still struggling to remain on top. The American fashion retailer, which only a decade ago was the largest retailer in the world by revenue, has ended its third quarter with 3.9 billion dollars sales, 2% down from the same period the previous year.

 

The company’s profit in the third quarter was 140 million dollars, down 47% from the 266 million dollars of the same quarter the previous year. During the first nine months, Gap made 272 net openings, with a total of 3,938 stores at the end November.

 

 

 

 

“We are not pleased with the third quarter results and are focused on aggressively addressing the operational issues that are hindering the performance of our brands,” stated Robert J. Fisher, Gap interim president and chief executive officer.

 

Most of the openings were made by Old Navy in North America (with sixty new stores), Gap in Asia (with 46 openings and 27 closures) and Athleta in North America (with 25 openings). Instead, Gap continued to shrink its commercial network in North America, with 34 closures and only three openings.

 

On November 7, Gap’s chief executive officer, Art Peck, left the company with immediate effect. The executive was relieved by Robert J. Fisher, son of the founders of the company. The executive has been linked to Gap for more than 35 years.

Advertising
Comment
Participation rules

info@themds.com

 

Validation policy for comments: 

 
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
 
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.

0 comments — Be the first to comment
...