All articles tagged with #old navy
Gap Inc. is replacing Old Navy’s chief Haio Barbeito with Michael Francis after another quarter of weak results, as Old Navy’s Q2 net sales fell 4% to $2.1 billion and comps dropped 4% due to slower traffic; the brand’s underperformance contrasts with stronger results from Gap and Banana Republic, prompting a planned leadership change described as a refresh effort, with Barbeito moving into an advisory role.
Gap named Michael Francis as Old Navy CEO effective Nov. 2 to reverse the brand’s sluggish performance. Old Navy posted net sales of $2.1B and a 4% drop in comparable sales for the quarter, contributing about 60% of Gap’s revenue. Overall Gap Inc. saw a 1% decline in company-wide comparable sales, with EPS beating estimates but revenue missing at $3.65B. Banana Republic rose 3% in comps, while Athleta fell 12%. The company raised its full-year adjusted EPS outlook to $2.35–$2.45, aided by tariff refunds that boosted margins. Francis will focus on sharpening customer focus and momentum across the brand portfolio.
Gap posted a mixed Q1 2026: revenue of $3.50 billion (slight miss vs $3.52 billion expected) and adjusted EPS of 38 cents vs 37 cents expected, with net income of $339 million. Old Navy delivered only 1% comparable sales growth (below the ~3% expected), prompting Gap to cut its companywide sales guidance to 1-2% for the year (from 2-3%), while raising adjusted EPS outlook to $2.30-$2.40. Management blamed a weaker-than-anticipated spring/summer assortment rather than broader consumer weakness; performance by brand was uneven: Gap banner +10% comp, Banana Republic +2% comp, Athleta -11% comp, Old Navy +1% comp. Shares fell more than 10% after hours.
Old Navy teams with Christopher John Rogers for a spring collection that reimagines American classics with bold color and voluminous silhouettes, using cotton-based fabrics and versatile pieces designed to mix and match for a wide range of bodies and identities; the campaign—featuring Kimora Lee Simmons and her daughters—emphasizes inclusivity and wear-everyday impact, positioning this as the latest in Old Navy’s designer collaborations after Anna Sui.
Old Navy launches a Christopher John Rogers collaboration with every piece under $90, blending Rogers’s bold, wearable aesthetic with Old Navy’s accessible style. The Times Square launch drew celebs like Katie Holmes, Gayle King and Chloe Fineman, and the collection includes items such as keyhole sweaters, maxi dresses and denim, with prices roughly from $24.99 to $79.99, underscoring affordable high-fashion that’s already drawing early sellouts.
Gap posted a mixed Q4 2025: revenue of $4.24 billion and 45 cents per share, slightly missing on EPS as gross margin fell to 38.1% due to tariffs; net income was $171 million. Full-year guidance calls for 2%-3% sales growth and adjusted EPS of $2.20-$2.35, aided by a $313 million legal settlement. Brand results were solid at Gap and Old Navy (Gap brand up 8% in sales with 7% comps, Old Navy up 3% comps), Banana Republic up 4% comps, while Athleta fell 11% in revenue and 10% in comps. CEO Richard Dickson says the turnaround is pivoting to growth through core apparel, plus expansions into beauty, accessories, and a fashion/entertainment platform, supported by a roughly $3 billion cash pile and potential tariff-driven upside if rates shift.
Old Navy has launched its first designer collaboration with Anna Sui, featuring a collection inspired by '90s boho fashion, including floral dresses, textured skirts, and statement accessories, with popular items selling out quickly.
Gap is expanding into the beauty and personal-care market by launching products in 150 Old Navy stores later this year, with plans to scale the business next year, as part of a strategic move to capitalize on the fast-growing and resilient beauty industry.
Gap raised its annual sales forecast and exceeded first-quarter expectations due to strong demand for its Old Navy and Gap brands, leading to a 23% surge in shares. The company's strategy to reduce promotions and improve product assortment has paid off, with store and online sales increasing. Gap's net sales for the quarter were $3.39 billion, surpassing analysts' estimates, and it lifted its fiscal 2024 margin forecast.
Gap Inc.'s holiday quarter earnings surpassed expectations, with Old Navy returning to growth for the first time in over a year, driving a 6% sales increase to $2.29 billion. The company's overall gross margin surged to 38.9%, beating estimates, and it reported earnings per share of 49 cents, well above the expected 23 cents. Gap's CEO emphasized a focus on regaining cultural relevance and announced the appointment of fashion designer Zac Posen as Old Navy's chief creative officer. While Gap and Old Navy showed progress, Athleta and Banana Republic lagged, with Athleta's sales down 4% and Banana Republic's down 2%.
Old Navy is set to close its flagship store in downtown San Francisco on July 1, becoming the latest retailer to exit the crime-ridden city. The closure is part of parent company Gap Inc.'s cost-cutting reorganization, which will see 1,800 jobs axed in total. Dozens of retailers have vacated downtown San Francisco in recent months, citing high theft rates in the area. The closures have disproportionately affected San Francisco, where crime has shot up by 15 percent, according to figures from the city's police department.
An Old Navy worker in downtown San Francisco has described the store's closure as a result of rampant shoplifting, with thieves hitting the flagship store 22 times in the last two days. The parent company, Gap, did not mention crime as a contributing factor to the closure, instead citing changes to the way it leverages flagship locations. Downtown San Francisco retailers have been hit by lower foot traffic due to the pandemic, changing shopping habits, and safety concerns. The current vacancy rate in San Francisco is about 30% versus 4% pre-pandemic.
The Old Navy store on Market Street in San Francisco will close down on July 1 after three decades in the area, as the company evaluates its real estate portfolio. The closure follows a trend of retailers leaving the city due to rising crime and theft, with Nordstrom, Saks Off 5th, Anthropologie, Coco Republic, and Whole Foods Market among those to have closed their San Francisco storefronts. At least 20 stores in the city's Union Square area have shuttered since 2020.
An Old Navy store in downtown San Francisco will close on July 1, following other retailers like Nordstrom's who have also announced store closures in the area. Gap Inc., which owns Old Navy, said the closure is part of their evaluation of their real estate portfolio and they are exploring new downtown locations. The closure comes as other retailers have chosen to leave downtown San Francisco for various reasons, including an uptick in shoplifting.
Gap Inc. announced the closure of its Old Navy store on Market Street in San Francisco, which opened in 1999, due to the lease expiring. The company is already looking for new locations in downtown San Francisco. The retail industry in the area has been hit hard by weaker foot traffic due to remote work and lower tourism during the pandemic, along with safety concerns and customers switching to online shopping. Gap has been cost-cutting with layoffs and numerous store closures across its brands due to faltering sales.