Gap Inc. reported a better-than-expected third quarter with earnings and comp-sales that blew past Wall Street expectations, helped by the improved performance of its biggest brand, Old Navy.
The retailer was still plagued by slumping revenue, dragged down by ongoing slowdowns of Banana Republic and, more recently, Athleta, whose comp sales fell 19% during the quarter.
On the earnings call, Richard Dickson, who joined the company as president and CEO in August, noted that Gap has experienced a lot of disruption during the last several years, including external macro factors as well as execution missteps.
Source: Chain Store Age
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