Gap Inc shares surged as much as 24 percent on Friday as a number of Wall Street...
- Gap Inc shares surged as much as 24 percent on Friday as a number of Wall Street analysts lauded the company’s decision to separate its better-performing Old Navy brand.
“Separating Old Navy to a standalone company is what we have argued for over the past few years. Doing so allows the market to properly value Old Navy for its high margins and strong cash flows,” Jefferies analyst Randal Konik said. FILE PHOTO: A Gap Inc. retail store is shown in La Jolla, California, U.S., May 17, 2017. REUTERS/Mike Blake
The company also said it would close hundreds of underperforming Gap stores in the next two years and would increase investments in its online business as they try to adapt to a more modern retail environment.On a post-earnings call with analysts on Thursday, Chief Executive Officer Art Peck said the company would focus on quality, fit and style of apparel that today’s consumer needs, with special focus on denim to boost the Gap brand.
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