Gap to shut 230 stores over 2 years, posts mixed holiday results
div > div.group > p:first-child"> The retailer said it plans to split into two independent publicly traded companies, Old Navy and a yet-to-be named company, which will include its Gap brand, Athleta, Banana Republic, Intermix and Hill City.
The announcement came as the company reported disappointing sales for the holiday quarter. Its earnings, however, topped estimates. In the fiscal fourth quarter ended Feb. 2, Gap said net income rose to $276 million, or 72 cents a share, from $205 million, or 52 cents a share, a year ago. Profits were higher than the 68 cents a share, analysts surveyed by Refinitiv were expecting.
The company's sales fell to $4.62 billion from $4.78 billion a year ago. However, it was higher than the $4.69 billion analysts expected.This is a developing story. Please check back for updates.
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