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3 minutes

Gap Scraps Old Navy Spin-Off; Moderately Raises Its Fiscal 2019 Outlook

Primary Analyst: Coresight Research
Contributors
Primary Analyst: Coresight Research
Other Contributors:
Anand Kumar, Associate Director of Retail Research
Flash Report

Executive Summary

On January 16, 2020, Gap Inc. announced that it had canceled its plans to spin off the Old Navy business.

  • Gap cited investors’ concerns regarding the complexity of the Old Navy separation, cash outlay to split the brands and softer business performance, particularly at Old Navy.
  • The company raised its fiscal year 2019 outlook moderately, owing to better-than-expected promotional levels over the holiday period.
  • Gap also announced the departure of Neil Friske, President and CEO of the Gap brand.

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