In this article GPS Follow your favorite stocks CREATE FREE ACCOUNTA general view of an Old Navy store.
Sales at Old Navy grew 6% to $2.29 billion, and Gap's overall gross margin surged 5.3 percentage points to 38.9% thanks to fewer markdowns and lower input costs.
The extra week contributed about four percentage points of growth during the fiscal fourth quarter, the company said.
Last month, Gap announced it had tapped fashion designer Zac Posen to be its creative director and Old Navy's chief creative officer.
"His role as chief creative officer at Old Navy is really to harmonize, orchestrate and dial up the storytelling across product and marketing."
Persons:
Richard Dickson, We're, Dickson, It's, he's, Zac Posen, isn't, He'll, they've, Eric Chan, Amy Thompson, Mattel's
Organizations:
Old Navy, Inc, Navy, LSEG, CNBC, Mattel, LA Clippers
Locations:
Posen