Fashion News Hubb
Advertisement Banner
  • Home
  • News
  • Trends
  • Contact
No Result
View All Result
  • Home
  • News
  • Trends
  • Contact
No Result
View All Result
Fashion News Hubb
No Result
View All Result
Home News

Gap Sees Weak Annual Sales as Inflation-Hit Consumers Rein in Spending

admin by admin
March 9, 2023
in News



Gap Inc on Thursday forecast full-year sales below Wall Street estimates, signaling a slowdown in demand as inflation-weary consumers curb discretionary spending.

Shares of the company fell about 7 percent in extended trading.

With the Federal Reserve prepared to raise interest rates more than expected in an attempt to control inflation, consumers, especially at the lower- to mid-income rung, have turned more cautious and curbed spending on non-essential items like apparel.

Gap is also seeing a slowdown in demand for casual and active wear as people returning to work and social occasions prefer more formal clothing, pants and dresses.

The company also said president and chief executive officer of Athleta, Mary Beth Laughton, was exiting the business, effective on Thursday.

Gap, also the owner of the Banana Republic brand, expects fiscal 2023 net sales to decrease in the low to mid-single digit, compared with analysts’ expectations of 1.64 percent rise.

By Ananya Mariam Rajesh

Learn More:

Is It Time for Gap Inc. to Go Private?

Market share is shrinking, discounts are deepening and the group’s once-powerful grip on the consumer has disintegrated. As a public company, its options are limited.



Source link

Tags: earnings
Previous Post

Miley Cyrus Announces Disney+ Special in One Legged Jumpsuit

Next Post

10 Best Driving Shoes For Men To Wear On The Road in 2023

Next Post

10 Best Driving Shoes For Men To Wear On The Road in 2023

Recommended

35 Best Last-Minute Gift Ideas For Him at Every Budget 2022

5 months ago

Jennifer Lopez Wears Hot Pants in Coach Spring 2023 Campaign

2 months ago

Fashion-(-White-)

© 2022 Fashion News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Trends
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • News
  • Trends
  • Contact

© 2022 Fashion News Hubb All rights reserved.