×
312
Fashion Jobs
RJCUBE STAFFING SOLUTIONS
qa/qc- Garments-Woven/Knits For Garments Buying House, Noida
Permanent · Noida
NIKE
Information Security Risk Analyst (Grc) – Cis
Permanent · Bengaluru
RJCUBE STAFFING SOLUTIONS
qa/qc- Garments (Jersey, Etc) For Garments Buying House, Noida
Permanent · Noida
ZEN TECHNO ENGINEERING PVT LTD.
Production Manager
Permanent · Pune
ADIDAS
Manager Buying & Planning Operations
Permanent · GURUGRAM
ADIDAS
Product Owner Data Foundations
Permanent · GURUGRAM
ADIDAS
Senior Product Owner
Permanent · GURUGRAM
ADIDAS
Product Owner
Permanent · GURUGRAM
CROCS
Associate Demand Planner
Permanent ·
CROCS
HR Manager
Permanent ·
BRIDGING TALENTS
Quality Control Manager ii Retail Fashion Brand ii Jaipur / Bangalore
Permanent · Bengaluru
ALLEGIS GROUP
Opening For Sales Manager - Chennai & Kolkata
Permanent · Chennai
IDFC FIRST BANK
Opening For Area Sales Manager - Corporate Salary Mumbai
Permanent · Mumbai
TAKSHAKA INTERIORS
Req. Production Manager/Executive -Wood Furniture
Permanent · Gurugram
TATA AUTOCOMP
Opening For Production Head at Chinchwad Plant
Permanent · Pune
SKYNET OUTSOURCING SERVICES
Production Manager Api Industries-Bharuch,Ankelshwar Location
Permanent · Bharuch
THE BANYAN HR CONSULTS
Regional Sales Manager For Women's Wear Garments CO For Delhi & Ncr
Permanent · National Capital Region
PEOPLE ALLIANCE WORKFORCE
Quality Manager / Quality Head - Garments Manufacturing Company
Permanent · National Capital Region
NIKE
Senior Technical Product Manager, ed&a – Tpmo
Permanent · Bengaluru
RANDSTAD
Area Sales Manager
Permanent · Gurugram
3F INDUSTRIES
Technologist/Production Manager For Our Amino Acid Plant
Permanent · Chennai
3F INDUSTRIES
Chemical Technologist/Production Manager For Our (Cbg) Plant
Permanent · Chennai
By
Reuters
Published
Nov 18, 2022
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Gap beats quarterly estimates on steady demand for formal clothing

By
Reuters
Published
Nov 18, 2022

Gap Inc beat Wall Street estimates for quarterly sales and profit on Thursday, helped by steady demand from affluent consumers for its formal clothing and dresses despite a surge in inflation, sending its shares up about 10% in extended trading.


Gap Inc


People are preferring more formal clothing, dresses, woven tops and pants, shelving casual wear like t-shirts and shorts as they return to travel, work and social occasions after two years of pandemic-induced restrictions.

Gap's Banana Republic, an affordable luxury brand, posted an 8% rise in sales, while its Old Navy brand that has been struggling with out-of-fashion clothes reported a 2% increase.

However, Gap echoed retailer Kohl's, which on Thursday warned soaring prices of essential commodities had dampened lower-income consumers' spending on non-essentials like apparel.

It expects fourth-quarter net sales to be down in mid-single digits, compared with analysts' expectations of a 0.6% decline, according to Refinitiv IBES data.

"We did see strong volume in October slow a bit in the end and a little bit of a slow start to November," finance chief Katrina O'Connell said on a post-earnings call.

Gap is expected to continue to struggle over the next 12 months because of its low- to middle-income consumer base and underperforming brands, Zachary Warring, equity analyst at CFRA Research said.

Heading into the holiday season and 2023, discounts could continue for brands like Gap due to a weaker consumer, he added.

The company reported $53 million in impairment charges related to Yeezy Gap. In October, Gap removed products from its Yeezy Gap line created in partnership with Kanye West, and shut down YeezyGap.com following the rapper's anti-Semitic comments.

Gap's third-quarter net sales rose 2.5% to $4.04 billion, topping analysts' estimates of $3.80 billion. Excluding items, it booked a profit of 38 cents per share, compared with expectations of a break-even.

© Thomson Reuters 2023 All rights reserved.