Gap sees 2020 profit above estimates, flags $100 mln virus hit to sales, Retail News, ET Retail

Davida Erdahl

By : Nivedita Balu

Gap Inc leaned on its turnaround strategy to forecast 2020 income earlier mentioned industry anticipations on Thursday, but flagged a $100 million revenue strike in Asia and Europe from the coronavirus, which has also started off impacting its dwelling industry.

The disruptions owing to the wellbeing crisis is the most recent headache for newly named Chief Govt Officer Sonia Syngal as she tries to revive desire for its apparels in a competitive retail industry marked by slowing targeted visitors in malls.

Independently, Gap named Old Navy’s finance chief Katrina O’Connell as its upcoming chief fiscal officer, who will consider charge along with Syngal afterwards this thirty day period.

“With the U.S. conditions that are just emerging, we started off to see some affect on targeted visitors right here,” outgoing Chief Financial Officer Teri Checklist-Stoll, informed analysts in a conference simply call.

Quite a few retailers have

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