Old Navy news and archive

Old Navy innovates with Radar, uses RFID and AI for smarter inventory management

Old Navy, a brand under Gap Inc., is enhancing its retail operations through a new partnership with American technology company Radar. This collaboration aims to implement AI-powered RFID technology across all U.S. Old Navy stores to optimize inventory management, according to a Gap Inc. press release. Old Navy CEO Haio Barbeito stated that this...

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Gap reports higher earnings and comparable sales in Q4

San Francisco based apparel retailer Gap maintained growth momentum in the fourth quarter of 2024 with comparable sales increase of 3 percent. Net income increased to 206 million dollars and diluted earnings per share to 54 cents versus 185 million dollars and 50 cents reported in the previous year. However, net sales of 4.1 billion dollars were...

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Gap registers positive Q3, lifts outlook

Gap’s third quarter net sales of 3.8 billion dollars were up 2 percent compared to last year and comparable sales were up 1 percent year-over-year. As a result of its strong third quarter results, the company is raising its full year outlook for net sales, gross margin and operating income growth compared to prior expectations. "I'm proud that...

Fashion

Old Navy celebrates 30th anniversary with '94 Reissue limited-edition collection

American brand and retailer Old Navy is marking its 30th anniversary this year with the launch of a special, limited-edition collection that celebrates some of its best-selling products from the '90s. Launching in 1994, Old Navy has grown to become one of the United States' most iconic brands, with more than 1,200 company-owned and franchise...

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Gap reports strong Q2, increases outlook

Gap net sales for the second quarter of 3.7 billion dollars were up 5 percent with comparable sales up 3 percent year-over-year. Increasing its gross margin and operating income outlook for the year ahead, the company said it expects FY24 operating income in the 50’s growth range and gross margin expansion of 200 bps. "In comparison to where we...

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Gap's turnaround plan boosts Q1 performance, raises outlook

First quarter net sales of 3.4 billion dollars at Gap were up 3 percent with comparable sales up 3 percent year-over-year. Store sales for the quarter increased 3 percent and online sales increased 5 percent. As a result of its strong first quarter results, the company is increasing its outlook for fiscal 2024, reflecting higher net sales and...

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Gap reports positive fourth quarter results

Gap’s fourth quarter net sales of 4.3 billion dollars were up 1 percent, with comparable sales flat year-over-year. Net sales for the full year of 14.9 billion dollars were down 5 percent, while comparable sales down 2 percent. For the fiscal year 2024, the company forecasts net sales to remain flat, gross margin expansion of 50 basis points,...

People

Gap Inc. appoints Zac Posen as EVP, creative director

Gap Inc. on Tuesday said it appointed American fashion designer Zac Posen to the position of executive vice president and creative director. Mr Posen will also take on the role of chief creative officer for Old Navy, which is situated in San Francisco. Renowned for his award-winning designs that embrace both technical prowess and body...

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Gap forecasts flat holiday quarter ahead

Gap reported third quarter net sales of 3.8 billion dollars, down 7 percent compared to last year, inclusive of an estimated 2 percentage points negative impact from the sale of Gap China. Comparable sales for the quarter were down 2 percent. The company is estimating fourth quarter net sales to be flat to slightly negative compared to last year...

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Gap posts Q2 profit but sales decline 8 percent

Net sales at Gap Inc. of 3.55 billion dollars, were down 8 percent compared to last year, while comparable sales were down 6 percent. Reported net income was 117 million dollars; while reported diluted earnings per share were 32 cents. The company reported adjusted net income of 127 million dollars, and adjusted diluted earnings per share were...

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Gap appoints Richard Dickson as the company's new CEO

Gap Inc. with a portfolio that includes Old Navy, Gap, Banana Republic and Athleta, has announced the appointment of Richard Dickson as the company's president and chief executive officer, effective August 22, 2023. "Richard has invaluable expertise in areas critical to the work Gap Inc. is doing to strengthen the company for the long term. And...

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Gap narrows Q1 losses despite drop in sales

US fashion and lifestyle giant Gap reported a 6 percent drop in sales in the first quarter of the year, but its stock price jumped as its losses narrowed. In the three months ended April 29, the retailer made sales of 3.28 billion dollars compared to the 3.48 billion dollars it reported a year earlier amid a backdrop of rising inflation and...