Gap's Chief Executive Since 2015 to Depart
November 07 2019 - 05:07PM
Dow Jones News
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)
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