Old Navy is becoming a stand-alone public company, with about $8 billion in annual revenue.
The Gap Inc. shares skyrocketed more than 20% in after-hours trading Thursday after the retailer said it would split into two publicly traded companies, turning Old Navy into an independent entity.
Gap GPS, +0.16% said the Gap, Athleta, Banana Republic, Intermix and Hill City brands will remain grouped together in a yet-to-be-named company. Sales at the flagship Gap brand fell 5% globally in the fourth quarter, and Gap plans to close about 230 Gap stores in the next two years as part of an effort to “revitalize” the brand, which has sagged for years.
Gap’s stock finished the extended session up 25.6%, after ending the regular session up 0.2% at $25.40. Gap shares have lost 20% in the past 12 months, contrasting with gains of around 2.6% for the S&P 500 index. SPX, -0.28% In addition, Gap said Thursday it earned $276 million, or 72 cents a share, in the fourth quarter, compared with $205 million, or 52 cents as share, in the year-ago period. Sales fell to $4.6 billion, from $4.8 billion a year ago.
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Gap will split into two publicly traded companies, with Old Navy as a stand-alone; stock surges
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Gap is soaring after announcing it's spinning off Old NavyGap shares surged late Thursday after the retailer announced it was spinning off its Old Navy unit.
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The Gap And Old Navy Are Consciously UncouplingOld Navy And The Gap Are Separating
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Gap is splitting into two companies: Old Navy and everything elseGap Inc. will spin off its better-performing Old Navy brand into a separate public company. Its stock leaped as much as 23%.
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Old Navy and Gap are splitting into two companies. We visited both stores, and realized why one company is dominating the other.Gap is splitting off Old Navy into its own company. In late 2018 we shopped at both stores and saw why Old Navy has become so successful.
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Gap to split itself, restructure Gap brand; stock jumps
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Gap to Split Into Two Publicly Traded CompaniesGap announced plans Thursday to split itself into two independent publicly traded companies—one unnamed company consisting of the iconic Gap brand, and Old Navy.
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