Gap’s Quarterly Profit Beats; Says Plan To Split Old Navy In Place | 8/15/2016 | Staff
iVchaniVchan (Posted by) Level 3
(Reuters) – Apparel retailer Gap Inc nudged past tempered quarterly profit expectations and reiterated its plan to separate Old Navy from the namesake brand.

Gap replaced longtime Chief Executive Officer Art Peck with Robert Fisher, a member of the founding family, as its interim head nearly two weeks ago and cut its full-year profit forecast, blaming weak traffic and operating challenges across key brands.

Progress - Separation - Plans - Focus - Catalyst

“We continue to make progress against our separation plans, which will provide improved focus and a further catalyst for transformation,” said Fisher.

The San Francisco-based retailer, which has long struggled to grow sales at two of its flagship brands, reported net sales that fell 2.2% to $4 billion in the third quarter ended Nov. 2, but still beat the...
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