Gap Inc news and archive

Gap reports strong Q2, increases outlook

Gap net sales for the second quarter of 3.7 billion dollars were up 5 percent with comparable sales up 3 percent year-over-year. Increasing its gross margin and operating income outlook for the year ahead, the company said it expects FY24 operating income in the 50’s growth range and gross margin expansion of 200 bps. "In comparison to where we...

People

Sven Gerjets joins Gap as chief technology officer

Gap Inc. has appointed Sven Gerjets as the company’s new chief technology officer. “It is crucial that our technology portfolio and digital roadmap support the reinvigoration of our brands and enable us to build deeper connections with our customers and achieve our goals. Today we welcome Sven Gerjets who joins us as chief technology officer,...

BusinessFeatured

Gap's turnaround plan boosts Q1 performance, raises outlook

First quarter net sales of 3.4 billion dollars at Gap were up 3 percent with comparable sales up 3 percent year-over-year. Store sales for the quarter increased 3 percent and online sales increased 5 percent. As a result of its strong first quarter results, the company is increasing its outlook for fiscal 2024, reflecting higher net sales and...

BusinessFeatured

Gap posts Q2 profit but sales decline 8 percent

Net sales at Gap Inc. of 3.55 billion dollars, were down 8 percent compared to last year, while comparable sales were down 6 percent. Reported net income was 117 million dollars; while reported diluted earnings per share were 32 cents. The company reported adjusted net income of 127 million dollars, and adjusted diluted earnings per share were...

Fashion

Peter Do to collaborate with Banana Republic

Banana Republic has revealed its forthcoming exclusive capsule collaboration with renowned New York-based fashion designer, Peter Do. The collaboration, set to debut this Fall, will amalgamate the ethos of both American brands, accentuating the significance of sartorial choices and how to dress. Grounded in the principles of versatility,...

Fashion

Gap teams up with Mattel and Barbie

Clothing brand Gap and toy manufacturer Mattel have announced a new apparel collaboration featuring multiple collections inspired by Mattel’s portfolio of brands and Gap’s signature styles. The first collaboration from the Gap x Mattel product drops will focus on Barbie with a range designed to offer something for the “entire family”. The Gap x...

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...

Retail

Yeezy Gap launch first physical retail in New York’s Times Square

Heavy duty refuse sacks filled with garments, piled on the floor. Blacked out walls and shutters that nod to a distilled utopia. Not the usual experience one expects to find in a retail store, let alone one operated by Gap Inc. But that is precisely the image Kanye West aimed to convey for the first Yeezy Gap physical space at Gap’s Times Square...

Business

Gap releases annual diversity and inclusion report

Gap Inc. on Thursday said it is in keeping with its diversity commitments, after releasing its second annual Equality & Belonging report. The fashion group, which also operates Banana Republic, Old Navy and Athleta, said Black representation at senior levels went up two percentage points in comparison to 2020. Overall 55 percent of its US...

Business

Gap invests 1 million dollars in female founded footwear brand Saysh

Gap Inc and Athleta have invested 1 million dollars in Saysh, a footwear branded founded by Olympic medallist Allyson Felix and brother Wes Felix. Felix reportedly was unable to find the perfect sneaker whilst preparing for the Tokyo Olympics last year, prompting her to set up Saysh, a shoe brand by women, for women, focused on community...

Business

Gap shares crash again as it cuts its revenue forecast

Gap Inc. had a rough trading week after announcing it cut the forecast of its annual sales and profit. On Friday, shares in the fashion retailer fell 7 percent early morning, increasing to over 15 percent in extended trading. So far this year Gap’s value has plummeted 37 percent according to Reuters. Gap stated the rising costs of transport and...