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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Gap Inc | NYSE:GPS | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 1.17 | 5.79% | 21.39 | 21.36 | 20.06 | 20.19 | 8,786,185 | 00:42:33 |
From Apr 2019 to Apr 2024
By Micah Maidenberg
Gap Inc. (GPS) said Art Peck will step down as chief executive of the retailer.
San Francisco-based Gap said Thursday that Mr. Peck will also leave the company's board. Robert Fisher, currently the non-executive chairman of the board, will serve as CEO on an interim basis.
Mr. Fisher is a member of the founding family behind Gap and has a 35-year history with the company. Mr. Peck took over as CEO at the retail chain in 2015, according to its website, having joined the company in 2005.
Gap also said Thursday that comparable sales for its fiscal third quarter were down 4%.
Global comparable sales at Gap dropped 7% in the quarter, while those for Banana Republic dropped 3%. Old Navy's global comparable sales fell 4%.
The company expects earnings per share for fiscal third quarter will range from 50 to 52 cents a share. After adjustments, earnings are expected to be 34 to 36 cents a share.
Analysts polled by FactSet predicted 55 cents a share in adjusted profit for the quarter.
"This was a challenging quarter, as macro impacts and slower traffic further pressured results that have been hampered by product and operating challenges across key brands," Gap finance chief Teri List-Stoll said.
Write to Micah Maidenberg at micah.maidenberg@wsj.com
(END) Dow Jones Newswires
November 07, 2019 16:52 ET (21:52 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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