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Gap Inc. Powered by Old Navy Shows Q2 Gains

Gap Inc. Powered by Old Navy Shows Q2 Gains

Gap Inc. Powered by Old Navy Shows Q2 Gains
August 24
03:16 2018
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Gap Inc.’s second quarter turned out as expected — and that’s pretty good.
Results were led by Old Navy, which continued to grow market share and is on pace to exceed $10 billion in annual sales, and Athleta, which has a goal of breaking $1 billion.
The long-ailing Banana Republic division showed improvement, while Gap brand continues to work out assortment issues and lose share. The Gap team, led by Neil Fiske, who joined as president and chief executive officer in June, is focused on stabilizing the business and inventory “imbalances” heading into the fall.
“We will see improvement through the year. I believe the worst is behind us,” Gap Inc. chairman and ceo Art Peck said during a conference call after the corporation reported that its second-quarter net income rose to $297 million from $271 million a year ago, while total sales gained 8 percent to $4.1 billion from $3.8 billion a year ago.
Comparable sales rose 2 percent, with Old Navy ahead 5 percent, Gap brand down 5 percent and Banana Republic up 2 percent.
“We delivered our seventh consecutive quarter of positive comparable sales growth, led by the strength of Old Navy,” said Peck. “Our balanced growth strategy supports continued growth and

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