×
115
Fashion Jobs
L'OREAL GROUP
Senior Manager - Digital Marketing & D2C, Kerastase
Permanent · Mumbai
NIKE
Lead Product Management – ed&a, Icc, India
Permanent · Bengaluru
NIKE
Senior Dynamic Application Security Tester – Cis, Icc, India
Permanent · Bengaluru
PUMA
Senior Manager - Golf Sales (Cpg-Cobra Puma Golf)
Permanent · Bengaluru
PUMA
Manager - Accounts Payable
Permanent · Bengaluru
PUMA
Senior Manager – Teamsport Sales
Permanent · Bengaluru
NIKE
Lead Technical Product Manager – p&m, Icc, India
Permanent · Bengaluru
PUMA
Manager – Customer Reconciliation And Accounts
Permanent · Bengaluru
PUMA
Manager – Warehouse Operations (Ecommerce)
Permanent · Gurugram
NIKE
Lead Product Manager, India – ed&a Icc
Permanent · Bengaluru
PVH
Manager, Business Solutions
Permanent · Bengaluru
NIKE
Identity And Access Management (Iam) Security Operations Engineer, India – Cis Icc
Permanent · Bengaluru
NIKE
Expert Security Incident Coordinator, India – Cis Icc
Permanent · Bengaluru
L'OREAL GROUP
Indirect Sourcing Manager
Permanent · Baddi
NIKE
Sap bi Lead Engineer – Sec Tech, Icc, India
Permanent · Bengaluru
NIYOSSHIC LUXURY CONSULTANCY
Social Media Intern
Internship · MUMBAI
SAAHRA
Graphic Design Summer Internships
Internship · NEW DELHI
HEMMING BEE
Fashion Production Intern
Internship · MUMBAI
HEMMING BEE
Fashion Production Intern
Internship · MUMBAI
BROADCAST THE COMPANY
Business Developement
Internship · MUMBAI
RELIANCE INDUSTRIES LTD
Sales Officer-Reliance Retail-tg
Permanent · Nirmal
GOKALDAS EXPORTS LTD
Safety Officer
Permanent · Madanapalle
By
Reuters
Published
Mar 4, 2021
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Gap projects return to growth with Old Navy and Athleta's help

By
Reuters
Published
Mar 4, 2021

​Apparel retailer Gap Inc on Thursday forecast a return to sales growth this year, as it expects the roll-out of vaccines to drive traffic at its Old Navy and Athleta stores.


Gap Inc


The San Francisco-based company’s shares rose about 2% after the closing bell as fourth-quarter profit beat Wall Street expectations.

Demand for Gap jeans and Banana Republic’s floral shirts have declined due to coronavirus-led restrictions, but affordable clothing at Old Navy and comfortable womenswear at Athleta have became stay-at-home favorites.

At Old Navy, sales rose 5% in the fourth quarter and at Athleta, they surged 29%.

The company now plans to open 30 to 40 Old Navy stores and 20 to 30 Athleta stores and close about 100 Gap and Banana Republic stores globally in fiscal 2021.

As online sales surge, Gap spent $140 million to beef up its network of distribution centers.

The company expects the first half of 2021 to continue to be impacted by the pandemic and to return to a more normalized, pre-pandemic sales level in the back half of the year.

Fiscal year 2021 net sales is expected to reflect mid- to high-teens growth, and Gap forecast earnings to be in the range of $1.20 per share to $1.35 per share.

On a per share basis, Gap earned 28 cents per share, 10 cents more than expectations, according to IBES data from Refinitiv.

However, net sales fell about 5% to $4.42 billion in the fourth quarter, missing estimates of $4.66 billion, hurt by weakness at its namesake brand and Banana Republic.

© Thomson Reuters 2021 All rights reserved.