The shares of The Gap, Inc. (NYSE: GPS) experienced a substantial surge during the Friday trading session, escalating by 30.58% and concluding at $17.85. Investor sentiment received a renewed boost as an optimistic quarter unfolded, resonating with those who have been assertively acquiring shares, particularly following the appointment of Richard Dickson, a seasoned executive known for his turnaround expertise with Barbie, as the new CEO.
The company’s third-quarter earnings report, unveiled on Thursday, disclosed a noteworthy reduction in inventory, even though the holiday-season forecast fell short of expectations. Notably, GPS’ Old Navy witnessed a 1% increase in comparable sales, reaching $2.13 billion in the third quarter. This marked a significant turnaround, as the brand had struggled in the preceding year due to inventory misalignment.
However, Gap hinted at an extended recovery period for its other brands, Athleta and Banana Republic, attributing the sluggishness to issues in “retail execution” and “product misfires.”
Athleta launched its “Move with Athleta” fitness series in New York City on Thursday. It will travel throughout North America in 2024, including Miami, San Francisco, Boston, and Los Angeles. As part of Athleta’s commitment to empowering women through movement and building a community of empowered women, the series highlights the brand’s commitment to female empowerment.
Each curated experience within the “Move with Athleta” event will feature co-branded giveaways, appearances by Power of She Collective partners, celebrity fitness influencers, and other notable guests. Additionally, unique product offerings will showcase Athleta’s performance DNA from coast to coast.
This initiative signifies a new chapter for Athleta, ushering in innovative products, technological advancements, and community-focused experiences for GPS customers throughout North America. To commemorate the launch, Athleta is making a $10,000 donation to Figure Skating in Harlem through its impact platform, The Power of She Fund. This fund aligns with Athleta’s mission to cultivate a community of active, confident women and girls, empowering them to realize their full potential.