{"id":53658,"date":"2023-08-27T17:22:35","date_gmt":"2023-08-27T21:22:35","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/gap-shares-jump-as-investors-focus-on-profit-beat-over-weak-forecast\/"},"modified":"2023-08-27T17:22:38","modified_gmt":"2023-08-27T21:22:38","slug":"gap-shares-jump-as-investors-focus-on-profit-beat-over-weak-forecast","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53658","title":{"rendered":"Gap shares jump as investors focus on profit beat over weak forecast"},"content":{"rendered":"
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\u00a9 Reuters. A man walks past a Gap store on Oxford Street in London, Britain, July 1, 2021. REUTERS\/John Sibley<\/span>
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(Reuters) – Shares of Gap climbed as much as 8% on Friday, after the apparel retailer’s quarterly profit beat indicated that the Old Navy parent’s cost cuts were paying off even as easing demand weighed on its sales forecast. <\/p>\n

The company’s shares see-sawed following results after markets closed on Thursday but rose to $10.31 in regular trading on Friday after Jefferies and Bank of America (NYSE:) raised their price targets on the stock.<\/p>\n

Gap, which last month hired Barbie turnaround executive Richard Dickson from Mattel (NASDAQ:) as top boss, has slashed more than 2,000 jobs since last year and closed underperforming Gap and Banana Republic stores in an effort to rein in costs. <\/p>\n

The attempts to cut back on promotions and control excess inventory also eased the pressure on its margins. Gross margin increased 310 basis points to 37.6% in the second quarter from a year earlier.<\/p>\n

“(It’s) no easy task at hand, but the ground work has been laid,” said Barclays <\/span><\/span> (LON:) analyst Adrienne Yih. <\/p>\n

She added with the new CEO at helm this could be a new era for Gap, “one based on calculated design and innovation risk, a return to profitable growth, and reclaiming brand leadership across the portfolio.”<\/p>\n

Still, the company forecast a steeper-than-expected drop in current-quarter sales and missed sales expectations for the second quarter and also warned it was losing market share to rivals including Shein, Amazon (NASDAQ:) and T.J. Maxx. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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