Gap Inc. reported an 8% increase in total sales for its fourth quarter of 2017 while its same-store sales beat market expectations. The solid results sent the stock soaring after the earnings report.
The Old Navy brand continues to be a strong spot for the company, where comparable store sales grew 9% during the quarter.
Gap believes its Old Navy and Athleta brands have good potential for growth going forward with sales likely to exceed $10 billion and $1 billion respectively. The company plans to open more stores to focus on these two brands going forward.
As you may recall, Old Navy had last month fired three of its employees for racially profiling a customer. The company said it took swift measures to ensure the brand’s reputation was not dented.
The Gap and Banana Republic brands, which had been seeing softness, saw some recovery this quarter. Comparable store sales at the Gap brand remained flat while Banana Republic posted a slight pickup. However, parent company Gap Inc. will go forward with its plan to close Gap and Banana Republic brand stores this year.
In February, Jeff Kirwan, CEO of the Gap brand, had stepped down from his role after failing to revive the ailing brand.
PepsiCo Inc. (NASDAQ: PEP) reported first quarter 2021 earnings results on Thursday that topped expectations on both the top and bottom lines. The stock has gained 7% in the past
Emerging from the slowdown caused by coronavirus, the financial services sector entered fiscal 2021 on a bright note, thanks to improving economic activity and the COVID-driven boom in stock trading.
Artificial Intelligence has become an integral part of the US economy. According to the analyst’s insights, AI market revenue in 2020 was $25.9 billion. The AI market in the North