239
Fashion Jobs
H&M
Visual Merchandiser Manager- Newmarket
Permanent · AUCKLAND
L'OREAL GROUP
Operations & Transport Manager
Permanent · AUCKLAND
ABBOTT
Tpm Contract Manufacturing Manager
Permanent · AUCKLAND
ESSILORLUXOTTICA GROUP
Optometrist - Opsm Rotorua
Permanent · ROTORUA
DANGERFIELD
Online Coordinator
Permanent · AUCKLAND
PUMA
Key Account Manager nz
Permanent · AUCKLAND
L'OREAL GROUP
Key Account Manager
Permanent · AUCKLAND
PETER ALEXANDER
2 x Casual - Sales Assistant - Peter Alexander nz - MT Maunganui
Permanent · AUCKLAND
PETER ALEXANDER
2 x Part Time - Sales Assistant - Peter Alexander nz - MT Maunganui
Permanent · AUCKLAND
LULULEMON
Assistant Manager | Christchurch (Tuesday - Saturday Rotation)
Permanent · CHRISTCHURCH
ICEBREAKER
Icebreaker : Sales Associate, Casual - Wellington Airport Touchlab
Permanent · WELLINGTON
DFS
Personal Shopper
Permanent · AUCKLAND
H&M
Department Manager- Chartwell (Hamilton)
Permanent · HAMILTON
H&M
Store Manager Wellington
Permanent · WELLINGTON
H&M
Sales Advisor- 28h
Permanent · AUCKLAND
H&M
Assistant Store Manager- Sylvia Park
Permanent · AUCKLAND
H&M
Department Manager- Sylvia Park
Permanent · AUCKLAND
LOVISA
Store Manager | nz | Palmerston North
Permanent · PALMERSTON NORTH
LOVISA
Store Manager | nz | Chartwell
Permanent · HAMILTON
LOVISA
Store Manager | nz | Glenfield
Permanent · AUCKLAND
ESSILORLUXOTTICA GROUP
Retail Associate | Oakley Queenstown
Permanent ·
ESSILORLUXOTTICA GROUP
Optometrist- Opsm Hastings
Permanent · HASTINGS
By
Reuters
Published
Nov 18, 2016
Reading time
2 minutes
Download
Download the article
Print
Text size

Gap to shut more stores than first forecast

By
Reuters
Published
Nov 18, 2016

Apparel chain Gap Inc said it would shut more stores than forecast previously and that it expected a further drop in traffic during the crucial holiday shopping season.

The company's shares fell 4.9 percent to $29.21 after the bell on Thursday.


Gap said it now expected to shut about 65 company-operated stores this year, compared with its previous forecast of about 50 stores - DR


"Given that challenging traffic trends have continued, we are investing meaningfully in marketing across our portfolio brands during the holiday season," outgoing Chief Financial Officer Sabrina Simmons said on an earnings call.

Gap said it now expected to shut about 65 company-operated stores this year, compared with its previous forecast of about 50 stores.

Traditional apparel chains are struggling with the growing popularity of online retailers and fast-fashion chains such as H&M, Forever 21 and Inditex's Zara, which are known for offering trendier clothes at cheaper prices.

Gap reaffirmed its adjusted profit forecast of $1.87 to $1.92 per share for the full year. Analysts on average were expecting $2.02, according to Thomson Reuters I/B/E/S.

The company reported its seventh straight quarterly sales decline in the three months ended Oct. 29 as demand for its Gap and Banana Republic brands remained sluggish.

Gap has been trying to replicate the success of its low-end Old Navy brand at its Gap and Banana Republic chains since Art Peck took over as chief executive last year.

The company's net income fell to $204 million, or 51 cents per share, in the third quarter ended Oct. 29 from $248 million, or 61 cents per share, a year earlier.

Excluding restructuring costs, the company earned 60 cents per share, in line with analysts' estimates.

The company said same-store sales fell 3 percent in the quarter, in line with analysts' estimate, according to Consensus Metrix.

Net sales fell to $3.80 billion from $3.86 billion.

Up to Thursday's close, the San Francisco-based company's stock has risen 24.3 percent this year.


 

© Thomson Reuters 2024 All rights reserved.