Arab Today, arab today gap shutting 75 stores this year 53 in japan
Last Updated : GMT 01:05:16
Arab Today, arab today
Arab Today, arab today

Gap shutting 75 stores this year, 53 in Japan

Arab Today, arab today

Arab Today, arab today Gap shutting 75 stores this year, 53 in Japan

The Gap Japan flagship shop is pictured in Tokyo's Ginza shopping district
New York - AFP

Retail group Gap Inc. said Thursday it would shutter 75 stores this year amid sagging sales, including 53 of its kids-focused Old Navy brand outlets in Japan.

Announcing a fall in first quarter earnings, the San Francisco-based retailer also warned that its might not achieve previous earnings forecasts for this year given the headwinds buffeting the apparel industry.

"Old Navy will strategically shift its focus to markets most favorable to the brand's growth," the company said, explaining the Japan closings. 

It pointed to the US and Mexican markets as well as China as its focus for Old navy, its lowest-priced brand.

But it said that Japan "remains an important market" with the continued presence of more than 200 Gap and Banana Republic stores.

The closings, aimed at cutting overall costs, will also include Banana Republic outlets, most of them in international markets, though the locations were not detailed.

Like many of its competitors, the company has been hit by shifting tastes and slower consumer spending worldwide, as well as competition from online fashion retailers.

"As the pace of change across the apparel industry increases, now is the time to accelerate our transformation by scaling our product and operating capabilities across our global portfolio," said chief executive Art Peck. 

"By taking every opportunity to exploit our strategic advantages, our brands will be able to more fully harness the power of the enterprise to better serve their customers across channels and geographies."

Gap Inc. global net sales at $3.44 billion were down 6.0 percent in the first quarter, ended April 30, from a year ago. Sales were off in every region except Asia, where they registered a slight gain. Sales in the United States, 77 percent of the total, were also down 6.0 percent.

Net income came in at $127 million, down 47 percent from a year ago, for 32 cents per share, in line with what the company forecast in a revision early this month.

That helped boost its share price 2.7 percent in after-hours trade to $17.28.

Shares though remained well below the high this year just over $30 a share in March.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gap shutting 75 stores this year 53 in japan Arab Today, arab today gap shutting 75 stores this year 53 in japan

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gap shutting 75 stores this year 53 in japan Arab Today, arab today gap shutting 75 stores this year 53 in japan

 



Arab Today, arab today Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday