Gap

Gap appointed Michael Francis as the new CEO of the Old Navy brand to restructure the ailing division. The company also beat quarterly results thanks to improved pricing and raised its full-year profit forecast, partly supported by strong performance at the Gap brand. These headlines pushed the stock sharply higher in premarket trading. » Plus sur de.investing.com

Gap reported adjusted EPS of $0.52 in the second quarter (consensus ~ $0.49) on revenue of $3.7bn (‑2% yoy). The company raised its full‑year adjusted EPS guidance to $2.35–2.45. Michael Francis will become president and CEO of Old Navy on Nov. 2, with Haio Barbeito moving to an advisory role; Old Navy logged a same‑store sales decline of 4%, while the Gap brand grew 10% and gross margin increased 20 basis points to 41.4%. As a result, the stock jumped sharply in premarket trading (about +14%). » Plus sur de.investing.com

Gap reported an adjusted Q2 earnings per share of $0.52 (expectation $0.49) on revenue of $3.7 billion (down 2% year‑over‑year). The company raised its full‑year adjusted EPS guidance to $2.35–$2.45 and improved its outlook for operating and gross margins. Brand‑level, Gap and Banana Republic showed strength while Old Navy and Athleta lagged. The stock jumped 14.48% in after‑hours trading to $23.80 as investors welcomed the margin improvement and guidance raise. » Plus sur de.investing.com