Fast Fashion Gap Closed Shop Repeatedly In Jail, Can Not Escape Performance Crisis
Gap group, which recently issued 2016 first quarter earnings, disappointed many investors in their plans for recovery.
And the situation of Gap losing power is far from that.
At the same time, the group announced that they would be there.
North American market
The main markets outside closed about 75 stores.
It is reported that the Japanese market will close 53 Old Navy stores.
At the same time, the group's explanation is that
Old Navy
The main focus will be on the North American market as well as the Mexico and China markets, while the Japanese market will be temporarily withdrawn from Gap and Banana Republic.
Affected by the news, the group's share price rose 1.11% on that day, mainly due to the cost reduction plan, which stimulated investors' confidence.
Although the group has always claimed that
Banana Republic
After spring, it will gradually revive, but due to the poor performance of Old Navy, Banana Republic will be re led.
However, the group also saved $275 million in pre tax expenditure due to closing operations.
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Although Gap said that at the annual conference, it might join Amazon's arms, but in fact, how bad is the performance of Gap in the first quarter? Let's take a look at this data.
It is reported that in the first quarter of April 30th, group net sales fell by 6% to 344 million dollars, compared with the same period in the same period last year, a net sales of $366 million.
In terms of gross margin, the Group recorded an increase of 2% over the same period last fiscal year.
But according to the brand, the first fall of the Gap brand recorded a 3% decline in the first quarter, while Old Navy recorded a 6% decline, while Banana Republic returned to the bottom after a brief strong growth performance, leading to a 11% decline in the first quarter.
The group said that this was mainly due to the strong dollar exchange rate and the impact of the Amazon effect on retailers.
But obviously, he later expressed his hope to cooperate with Amazon group.
In addition, when the group entered India, it believed that "Banana Republic has a strong hope of recovery" at this time is undoubtedly a face.
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