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☆ Latinas lose $1.2 million over their careers due to the pay gap—here's what needs to change
▼ + stars: | 2022-12-08 | by ( Morgan Smith | ) www.cnbc.com time to read: +4 min

That pay gap translates to a staggering loss of nearly $1.2 million over a 40-year career. Latinas with the largest pay gaps often work as maids, child-care workers and cashiers, among other critical, undervalued occupations, the Center for American Progress reports. Honduran women, for example, only make 44 cents, Guatemalan women make 47 cents, and Salvadoran women make 49 cents for every dollar paid to white, non-Hispanic men, the NWLC reports. While the largest explained causes of the pay gap include the segregation of Latinas into lower-paying occupations and a history of discrimination and bias in hiring and salary decisions, a significant part of the pay gap can't be accounted for by these factors. Increasing pay transparency, providing Latinas access to information, negotiation tactics and connecting them with allies in the workplace can help Latinas in the fight for equal pay.

[1/3] Customers are seen inside the Express store in Broomfield, Colorado August 28, 2013. At risk are retailers' margins during the critical holiday shopping season and their efforts to be the go-to location for trendy fashions. Shopper demand has put a strain on apparel retailers throughout the year, boosting inventories and forcing retailers including Gap, Victoria's Secret and Kohl's, to slash prices. Deals since October and over Thanksgiving weekend were up in both frequency and discounting depth, including from clothing retailers, according to research from Jane Hali & Associates. Express' third-quarter margins are expected to fall to 29.7% from 33.22% a year earlier, according to analysts' estimates on Refinitiv.

☆ Rapper Kanye West no longer plans to buy social media platform Parler
▼ + stars: | 2022-12-01 | by ( Helen Coster | ) www.reuters.com time to read: +1 min

[1/2] American rapper Kanye West's picture is seen on a smartphone in front of the logo of social media app Parler in this Illustration taken, October 17, 2022. REUTERS/Dado Ruvic/IllustrationDec 1 (Reuters) - The parent company of social media platform Parler and American rapper Kanye West, who now goes by Ye, have agreed to terminate the intent of the sale of Parler, according to a statement from Parlement Technologies on Thursday. "Parler will continue to pursue future opportunities for growth and the evolution of the platform for our vibrant community." In September, Ye terminated his partnership with apparel retailer Gap Inc (GPS.N). Parler is one of several social media platforms, including Gettr, Gab and Truth Social, that have positioned themselves as free-speech alternatives to Twitter Inc prior to its new ownership under billionaire Elon Musk.

Nov 23 (Reuters) - Patagonia Inc, the high-end outdoor clothing retailer, filed a lawsuit accusing Gap Inc (GPS.N) of illegally copying the "iconic" snapped flap pocket it has used on fleece outerwear for more than three decades. In a Tuesday night complaint filed in San Francisco federal court, Patagonia said Gap is willfully and deliberately selling fleece jackets that mimic its flap pocket and rectangular "P-6" logo without permission. The lawsuit includes a one-star review posted online by a Gap customer who called a Gap product an "Obvious Pata*gonia ripoff. Patagonia said it introduced its Snap-T pullover fleece in 1985 and added the flap pocket four years later. The case is Patagonia Inc v Gap Inc, U.S. District Court, Northern District of California, No.

☆ Retailers’ Holiday Discounts Are Steeper This Year, CFOs Say
▼ + stars: | 2022-11-23 | by ( Kristin Broughton | ) www.wsj.com time to read: +5 min

Some chief financial officers in the retail sector say markdowns are necessary to start the new year without the drag of excess stock on their shelves. Other CFOs say their companies view the promotional environment as an opportunity to attract more customers. Below is a roundup of retail CFOs’ remarks on this topic during recent earnings calls. All the surveys that we’ve seen would indicate that the value is going to be an important driver for the customer. Historically, we’ve managed a collection of four basic inventory levers: cancellations, [return-to-vendors], push outs and vendor allowances, or VAs.

☆ Abercrombie sees better holiday-quarter sales, posts surprise profit
▼ + stars: | 2022-11-22 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

The Ohio-based apparel retailer's shares that have lost nearly half of their value this year were up about 19% after the company also reported third-quarter sales above Wall Street estimates, defying inflation's impact on non-essential spending. Chief Executive Officer Fran Horowitz in a post-earnings call said the company expects the fourth quarter to "mirror more pre-pandemic" holiday. Abercrombie, however, said there was a little bit of softness in demand during late October and maybe into the first week of November. Abercrombie expects fourth-quarter net sales to fall about 2% to 4% in fiscal 2022, compared with analysts' average estimate of a 6.3% drop, according to Refinitiv IBES data. Excluding items, it reported a profit of 1 cent per share in the third quarter, compared with estimates of a loss of 16 cents.

☆ Abercrombie posts surprise profit, sees better holiday-quarter sales
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Abercrombie & Fitch Co (ANF.N) on Tuesday posted a surprise third-quarter profit and forecast a smaller-than-expected drop in current-quarter sales as it remains "cautiously optimistic" for the holiday season. The Ohio-based retailer's shares were up about 14% in premarket trading after the company also reported better-than-expected third-quarter sales even as inflation dampened discretionary consumer spending. Abercrombie expects fourth-quarter net sales to fall about 2% to 4% in fiscal 2022, compared with analysts' average estimate of a 6.3% drop, according to Refinitiv IBES data. Excluding items, Abercrombie reported a profit of 1 cent per share in the third quarter, compared with estimates of a loss of 16 cents. The company's net sales fell 2.8% to $880.1 million, but beat estimates of $831.1 million.

The Dow Jones Industrial Average (.DJI) rose 199.37 points, or 0.59%, to 33,745.69, the S&P 500 (.SPX) gained 18.78 points, or 0.48%, to 3,965.34 and the Nasdaq Composite (.IXIC) added 1.11 points, or 0.01%, to 11,146.06. For the week, the S&P 500 fell 0.7%, retreating modestly after a strong month-long rally spurred by softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. "We are not likely to see any real evidence in terms of potentially declining wage pressure or inflation pressure for another couple of weeks.”Defensive groups led the way among S&P 500 sectors, with utilities (.SPLRCU) up 2%, real estate (.SPLRCR) rising 1.3% and healthcare (.SPXHC) 1.2% higher. The S&P 500 posted 8 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 62 new highs and 141 new lows. About 9.7 billion shares changed hands in U.S. exchanges, compared with the 12 billion daily average over the last 20 sessions.

The S&P 500 has retreated this week after a month-long rally following softer-than-expected inflation data that sparked hopes the central bank could temper its market-punishing rate hikes. “What is driving all equities of course is Fed policy and the gravitational force that rising interest rates have on the equity complex as a whole," Goodwin said. Energy fell 1.7%, most among S&P 500 sectors, as oil prices dropped, stemming from concern about weakened demand in China and further increases to U.S. interest rates. Gap Inc (GPS.N) shares rose about 5% after the company beat Wall Street estimates for quarterly sales and profit. The S&P 500 posted 7 new 52-week highs and 3 new lows; the Nasdaq Composite recorded 49 new highs and 112 new lows.

Traders' bets of a 75-bps rate hike in December have gone up to 24.2% from 19.4% the previous week, according to the CME Group's FedWatch tool. The benchmark S&P 500 (.SPX) and the Nasdaq (.IXIC) have lost 17% and nearly 29%, respectively, so far this year on worries that the aggressive rate hikes could push the economy into a recession. Among S&P 500 sectors, defensive stocks advanced on Friday, with utilities (.SPLRCU) and health (.SPXHC) rising 1.5% and 0.9%, respectively, and in the lead. Advancing issues outnumbered decliners by a 1.19-to-1 ratio on the NYSE and for a 1.01-to-1 ratio on the Nasdaq. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 45 new highs and 96 new lows.

☆ Gap Swings to Profit With Turnaround Under Way Amid Persistent Inflation
▼ + stars: | 2022-11-18 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

Gap Inc. logged sales of $4.04 billion for the third quarter and its shares rose over 6% in after-hours trading Thursday. Gap Inc.’s turnaround efforts resulted in a return to a profit in the latest quarter as results for retailers remain mixed amid stubbornly high inflation. The apparel retailer, whose holdings include Old Navy and Banana Republic, said its third-quarter results highlighted its progress in streamlining its brands and reducing its inventory. Like its competitors, economic uncertainty stemming from inflation has shifted consumer spending and led the company to offer more discounts.

☆ Gap's slowing sales of baby clothes indicate inflation is deeply hurting families
▼ + stars: | 2022-11-18 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

New York CNN Business —Customers are pulling back on spending at Gap and Old Navy — particularly in one specific category that shows just how much families are feeling inflation’s pinch. But Gap and Old Navy said Thursday they’re now seeing less spending on babies’ and kids’ items. “Old Navy customers still have a propensity to buy. More than a quarter said inflation motivated those purchases, and half of parents surveyed sold a secondhand item in the kids’ and baby items category. Mercari said parents of kids 2 and under are the most active secondhand shoppers, according to its survey.

St. Louis Fed President James Bullard said on Thursday the U.S. central bank needed to keep raising interest rates given that its tightening so far "had only limited effects on observed inflation". The comments, coming on the heels of strong retail sales data, dampened hopes of the Fed toning down its hawkish approach following softer-than-expected inflation reports. They are getting more comfortable with a generally higher interest rate regime," said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. ET, Dow e-minis were up 224 points, or 0.67%, S&P 500 e-minis were up 35.5 points, or 0.9%, and Nasdaq 100 e-minis were up 118.25 points, or 1.01%. Applied Materials Inc (AMAT.O) gained 4.0% after the chip tools maker forecast first-quarter revenue above estimates, on hopes of easing supply chain constraints.

"Initially when that (Bullard commentary) came out, you saw the market sell off and then there was some discussion about was he being over-reactive?" Equities had seen strong gains last week after a softer-than-expected inflation report boosted hopes of smaller rate hikes from the Fed. Most of the 11 major S&P 500 sectors advanced, with defensive utilities (.SPLRCU) and real estate (.SPLRCR) leading gains, up about 1% each. The S&P index recorded six new 52-week highs and no new low, while the Nasdaq recorded 34 new highs and 60 new lows. Reporting by Shubham Batra, Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shounak Dasgupta and Vinay DwivediOur Standards: The Thomson Reuters Trust Principles.

☆ Gap beats quarterly estimates on steady demand for formal clothing
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +2 min

Nov 17 (Reuters) - Gap Inc (GPS.N) beat Wall Street estimates for quarterly sales and profit on Thursday, helped by steady demand for its formal clothing and dresses from affluent consumers despite a surge in inflation, sending its shares up about 8%. However, Gap echoed retailer Kohl's (KSS.N), which on Thursday warned soaring prices of essential commodities had dampened lower-income consumer's spending on non-essential spending like apparel. Gap expects fourth-quarter net sales to be down in mid-single digits, compared with analysts' expectations of a 0.6% decline, according to Refinitiv IBES data. In October, Gap removed products from its Yeezy Gap line created in partnership with Kanye West, and shut down YeezyGap.com following the rapper's anti-Semitic comments. Gap's third-quarter net sales rose 2.5% to $4.04 billion, topping analysts' estimates of $3.80 billion.

☆ How airlines plan to create a new generation of pilots amid fears of decade-long cockpit crisis
▼ + stars: | 2022-11-11 | by ( Bob Woods | ) www.cnbc.com time to read: +12 min

Focusing more long-term, though, airlines are boosting training programs to unprecedented levels and trying to attract a younger and more diverse next generation of aviators. That formula has been adopted by regional airlines, too, such as Mesa Air Group , Republic, Envoy, Cape Air and SkyWest . The regionals have always been an entry point for the mainline airlines' pilots, providing them the requisite number of hours of flight time needed before advancing. "The pilot shortage has abated to some extent," Murray said, "but at the expense of lower frequencies and fewer connection opportunities for travelers." Regional airline Republic has its own flight school, the Leadership in Flight Training Academy, in Indianapolis.

☆ Gap Starts Selling Its Apparel on Amazon
▼ + stars: | 2022-11-10 | by ( Suzanne Kapner | ) www.wsj.com time to read: 1 min

Gap Inc. started selling some of its apparel on Amazon .com Inc., as the retailer looks to the e-commerce giant to revive sales of its flagship brand. Hundreds of jeans, sweaters, hoodies and other Gap items were available on Amazon.com/Gap for customers in North America. Shares of Gap jumped more than 8% by the closing bell on Thursday.

☆ Gap Inc. launches its store on Amazon
▼ + stars: | 2022-11-10 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNNBusiness —Gap announced Thursday that it has officially launched its store on Amazon. While shoppers were able to buy Gap merchandise on Amazon previously through third-party sellers, the new partnership with Amazon Fashion marks the first time that Gap itself is selling its products on the online marketplace. The items, available for purchase beginning today on Amazon US and Amazon Canada, include the basics that Gap is known for — hoodies, T-shirts, denim, socks, underwear and sleepwear for adults, kids and infants. Gap (GPS) Inc. said its Amazon store will also include Baby Gap (GPS)-branded items such as nursery furniture, strollers, bassinets and cribs. None of the Gap items are exclusive to Amazon (AMZN), however, and will also be available for purchase in Gap stores and on Gap.com.

☆ Gap Sells Its China Business After 12 Years
▼ + stars: | 2022-11-08 | by ( Ben Otto | Dan Strumpf | ) www.wsj.com time to read: 1 min

SINGAPORE— Gap Inc. will sell its business in China and Taiwan to Chinese e-commerce services provider Baozun Inc. for up to $50 million, bringing an end to a bumpy 12-year foray in the region. Baozun, which is listed both on the Nasdaq and in Hong Kong, said Tuesday that it had signed a deal to acquire Gap Greater China, a unit of San Francisco-based Gap, in an all-cash transaction with a primary consideration of $40 million, subject to adjustments within a limit of $50 million. The deal, expected to be completed in the first half of 2023, is subject to regulatory approval.

☆ Gap to sell Greater China units to e-commerce firm Baozun
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Nov 8 (Reuters) - U.S. apparel retailer Gap Inc (GPS.N) has agreed to sell its Greater China businesses to Baozun Inc (9991.HK), the e-commerce service provider said on Tuesday, as headwinds persists for global consumer brands in the world's second-largest economy. China's Baozun said its unit would acquire Gap Shanghai Commercial and Gap Taiwan Ltd, which operate the whole business of Gap Greater China, with a primary deal size of $40 million and no more than $50 million for adjustment. The Shanghai entity reported a net loss after tax of 256 million yuan ($35.34 million) for 2021, compared with 456.3 million yuan a year earlier, Baozun said in a filing. The Taiwan entity reported a post-tax net loss of T$199.8 million ($6.24 million) for the year ended January 29, 2022. Separately, Baozun said Gap has granted it an exclusive right to manufacture and sell its products in Greater China area.

More than three-quarters of the deliveries list the supplier as Gap Europe Ltd, a London-based unit of Gap Inc. The Russian customs records are drawn from several commercial providers of trade data and go through Sept. 30. The Gap shipments included everything from "knitted children’s socks" and "children’s pajamas" to "textile blouses for women" and "textile shorts for men." Some items are missing.”Russian customs records show more than 1,200 shipments of Gap clothing to Russia between March 11 – the day after Gap Inc’s announcement that it was halting shipments – and June 21. After July 16, the customs records show no shipments to Gap Retail in Moscow, indicating that the apparel flow to Russia had stopped.

☆ Adidas ends Ye deal over hate speech, costing rapper his billionaire status
▼ + stars: | 2022-10-27 | by ( Uday Sampath Kumar | ) www.reuters.com time to read: +4 min

Adidas put the tie-up, which has produced several hot-selling Yeezy branded sneakers, under review this month. "Adidas does not tolerate antisemitism and any other sort of hate speech," the German company said on Tuesday. Forbes magazine said the end of the deal meant Ye's net worth shrank to $400 million. The magazine had valued his share of the Adidas partnership at $1.5 billion. On Tuesday, Gap, which had ended its partnership with Ye in September, said it was taking immediate steps to remove Yeezy Gap products from its stores and that it had shut down YeezyGap.com.

☆ Kanye West's unsold Yeezy merchandise: Where will it all go?
▼ + stars: | 2022-10-27 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

New York CNNBusiness —Yeezy merchandise has no place to go. So where will the mounting glut of Yeezy products — sneakers, sweatshirts, sweatpants, jackets, T-shirts, bags — wind up? Morningstar analyst David Swartz said Gap will probably have to destroy or otherwise dispose of — perhaps through donations — its unsold Yeezy merchandise. Environmental impactThe options for dealing with unsold Yeezy gear pose big challenges. “Exporting it looks to be the last and final best solution to make Yeezy products disappear,” said Flickinger.

☆ Skechers says escorted Ye out of LA office after rapper arrived 'unannounced'
▼ + stars: | 2022-10-26 | by ( ) www.reuters.com time to read: +1 min

Oct 26 (Reuters) - Skechers USA Inc (SKX.N) said on Wednesday its executives escorted Ye, formerly known as Kanye West, out of a Los Angeles corporate office, after the rapper and fashion designer "showed up unannounced and uninvited". Skechers' comments come a day after sportswear brand Adidas AG (ADSGn.DE) ended its partnership with West, following a series of antisemitic comments from the celebrity. "We condemn his recent divisive remarks and do not tolerate antisemitism or any other form of hate speech," Skechers said. Apparel company Gap Inc (GPS.N), which terminated its tie-up with West in September, is also taking immediate steps to remove Yeezy Gap products from its stores and shut down YeezyGap.com. Shares of California-based Skechers were up nearly 1% in extended trading, after closing down nearly 10% on Wednesday.

Gap Inc. is immediately pulling its Kanye West-designed Yeezy clothing line products from its shelves and has shut down its YeezyGap.com website in response to the rapper's antisemitic remarks, the company announced Tuesday. The move speeds up the end of a deal between the retailer and West, which was first announced in September. "Antisemitism, racism and hate in any form are inexcusable and not tolerated in accordance with our values,” Gap said in a statement Tuesday. Last month he sought to end the Gap partnership, first announced in June 2020, over what his lawyer called "substantial noncompliance" with the rapper's vision. Gap subsequently confirmed it was winding down the partnership, which included a clothing line with Balenciaga.

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