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47
Fashion Jobs
ESTEE LAUDER
bb/cl/el/jm/lm/Mac/tf - Freelance Consultant - Auckland - on-Call/Freelance
Permanent · Auckland
LULULEMON
Educator | Wellington New Zealand
Permanent · Wellington
LULULEMON
Store Manager | Takapuna
Permanent · Auckland
LULULEMON
Educator | Wellington
Permanent · Wellington
JD SPORTS
Apparel Department Manager - Sylvia Park
Permanent · Auckland
JD SPORTS
Part Time Sales Assistant - New Store Opening - Manukau
Permanent · Auckland
JD SPORTS
Full Time Sales Assistant - New Store Opening - Manukau
Permanent · Auckland
JD SPORTS
Casual Sales Assistant - New Store Opening - Manukau
Permanent · Auckland
FOOT LOCKER
Part-Time Sales Associate
Permanent · Christchurch
LULULEMON
Store Manager | Mount Maunganui nz
Permanent · Tauranga
JD SPORTS
Assistant Store Manager - New Store Opening - Manukau
Permanent · Auckland
LULULEMON
Key Leader | Queenstown
Permanent · Queenstown
LULULEMON
Store Manager | Commercial Bay Auckland | New Zealand | 12 Month Contract
Fixed-term · Auckland
LULULEMON
Assistant Store Manager | The Mount
Permanent · Mount Maunganui
JD SPORTS
Instore Visual Merchandiser - Sylvia Park
Permanent · Auckland
FOOT LOCKER, FOOT LOCKER
Part-Time Sales Associate
Permanent · Auckland
JD SPORTS
Floor Manager - New Store Opening - Manukau
Permanent · Manakau
JD SPORTS
Footwear Supervisor - New Store Opening - Manukau
Permanent · Auckland
JD SPORTS
Apparel Department Manager - New Store Opening - Manukau
Permanent · Manakau
JD SPORTS
Back of House Supervisor - New Store Opening - Manukau
Permanent · Auckland
JD SPORTS
Apparel Supervisor - New Store Opening - Manukau
Permanent · Auckland
JD SPORTS
Pos Supervisor - New Store Opening - Manukau
Permanent · Auckland
By
Reuters
Published
May 27, 2022
Reading time
2 minutes
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Gap slashes forecast as inflation rips demand, Old Navy stumbles

By
Reuters
Published
May 27, 2022

Gap slashed its annual results forecast on Thursday, sending shares 13% lower after hours as the clothing retailer blamed poor fashion choices at its Old Navy line and weak demand in the face of decades-high inflation.


The Banana Republic parent also posted a much wider-than-expected quarterly loss, slammed by surging costs of air freight and deeper discounts - Gap


The Banana Republic parent also posted a much wider-than-expected quarterly loss, slammed by surging costs of air freight and deeper discounts.

The dismal outlook echoes peers American Eagle Outfitters and Abercrombie & Fitch Co as rising prices of essentials like food force consumers to limit discretionary spending.

Gap is also reeling from execution issues at Old Navy, its biggest brand.

With shoppers now ditching casuals and athleisure for formals and partywear, product assortment at Old Navy "continues to be out of sync" with the shift in preference, Gap executives said on an earnings call.

"We were defining customer trends too early in the process, and were unable to chase into the right fashion choices closer in," said Chief Executive Officer Sonia Syngal.

Lower-priced brands such as Old Navy typically stand to benefit when consumers tighten their belts, but deep discounts to balance inventory at the label dented margins during the first quarter.

Gap now expects fiscal 2022 per-share profit between 30 cents and 60 cents on an adjusted basis, compared with $1.85 to $2.05 earlier and far lower than Refinitiv estimates of $1.34.

"At the end of the day, the company needs to re-elevate its brand perception, willing to sell less and charge more, which is much easier said than done," said BMO Capital Markets analyst Simeon Siegel.

American Eagle also trimmed its annual operating profit forecast on Thursday after missing quarterly expectations, sending its shares down nearly 12%.

"In hindsight, our plans entering the year were too optimistic," said Chief Executive Jay Schottenstein.

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