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☆ Department stores face another squeeze. This time, with store credit card revenue
▼ + stars: | 2024-04-10 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +6 min

For fiscal year 2023, credit card revenue totaled $619 million for Macy's and approximately $475 million for Nordstrom . The three companies do not break out how much of total credit card revenue comes from late fees. All of that adds up to dwindling credit card revenue for retailers, who can now expect to see it shrink even further. Target's credit card revenue fell to $667 million last year, down from $734 million in the prior fiscal year. Gap does not disclose credit card revenue, but its Chief Financial Officer, Katrina O'Connell, said on an earnings call that losses from late fees will be "largely offset in 2024 by other levers within our credit card program."

Persons: Robert Nickelsberg, it'll, Jane Hali, Kohl's, David Silverman, Silverman, —, Michael Fiddelke, Macy's, Adrian Mitchell, It's, Nordstrom, Katrina O'Connell Organizations: Getty Images Department, Consumer Financial, Bureau, Associates, Nordstrom, Fitch, TD Bank, Shoppers, Adobe Analytics, Citi, Sam's Locations: New York City

☆ Here are Tuesday's biggest analyst calls: Amazon, Nvidia, Reddit, Tesla, Apple, Seagate, Micron, Spotify, Gap & more
▼ + stars: | 2024-03-26 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Mizuho initiates DraftKings as buy Mizuho said in its initiation of DraftKings that it sees "upside to revenue growth." Mizuho initiates MGM as buy Mizuho said MGM shares are "fundamentally misvalued." Mizuho initiates Carnival as buy Mizuho said Carnival is a top pick at the firm. Mizuho reiterates Micron as buy Mizuho raised its price target on the stock to $130 per share from $124. "We are upgrading PAGS to Outperform from In Line with a $18 target price."

Persons: Mizuho, Bernstein, Chipotle, CFRA, Morgan Stanley, Goldman Sachs, Goldman, Levi's, it's, Wells, Richard Dickson, Katrina O'Connell, Tesla, underperform Bernstein, it's bullish, Baird, Semtech, Jefferies, underperform Jefferies, Invivyd, Evercore, TD Cowen Organizations: Mizuho, Sands, MGM, Nvidia, Blackwell, Seagate, Nasdaq, UBS, JPMorgan, Taiwan Semiconductor, Navy, Micron, MU, Citi, Plains Energy, Bank of America, Spotify, Netflix, Apple Locations: Macau, Singapore, Westar, Kansas, Missouri, Argentina, Uruguay, Paraguay, China

The Gap logo is seen on the front of the company's store in Paris, France, July 1, 2021. If current gains hold, shares will have nearly doubled since late July after the former Mattel (MAT.O) executive was appointed to revive the once sought-after brand. Gap's third-quarter earnings release Thursday showed significant inventory destocking, even as its holiday-season forecast disappointed. However, Gap joined other retailers in sounding a cautious note on spending, heading into the all-important shopping season. Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli and Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

Persons: Sarah Meyssonnier, Richard Dickson, Dickson, David Swartz, Swartz, Katrina O'Connell, Gap, Ananya Mariam Rajesh, Shinjini Ganguli Organizations: REUTERS, Mattel, Gap's Old Navy, Morningstar, Navy, Walmart, Banana Republic, Thomson Locations: Paris, France, Bengaluru

☆ Gap shares soar on Old Navy brand renewal, controlled inventory
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Comparable sales at Old Navy rose 1% in the third quarter, the first increase in 10 quarters. "Old Navy gained market share, an encouraging early proof point that work to improve both product assortment and brand messaging" were driving results, Gap Chief Financial Officer Katrina O'Connell said on Thursday following the earnings. Gap's struggles with outdated inventory at its namesake brand and Old Navy had pushed customers to look for newer and fresher styles at rivals like Shein and Amazon.com (AMZN.O). Jefferies analysts said new CEO Richard Dickson's prior experience in reinvigorating brands like Barbie at Mattel (MAT.O) could bring a lift to the Old Navy banner. The apparel maker's executives also alluded to a "longer recovery" time for Banana Republic and Athleta, which has seen "product misfires" and weak "retail execution".

Persons: Sarah Meyssonnier, Katrina O'Connell, Richard Dickson's, Barbie, Ananya Mariam Rajesh, Sriraj Organizations: REUTERS, Old Navy, Walmart, Advisory, Navy, Jefferies, Mattel, Banana Republic, Thomson Locations: Paris, France, trendier, encouragingly, Bengaluru

☆ Gap shares soar on sales, earnings beat despite muted holiday forecast against uncertain backdrop
▼ + stars: | 2023-11-16 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +5 min

Gap hasn't managed to reverse its ongoing revenue slump, but its same-store sales were far better than expected. Gap saw modest improvements at Old Navy and its eponymous banner. The brand saw strength in women's and kids, and an uptick in activewear. The brand is still reeling from the shutdown of Yeezy Gap and saw comparable sales decline 1%. Banana Republic: Sales at Banana, known for its workwear and going out pieces, fell 11% compared to last year to $460 million.

Persons: Richard Dickson, Dickson, I'm, we've, Katrina O'Connell Organizations: LSEG, Old Navy, Banana Republic, Mattel, CNBC, Navy Locations: Banana, activewear, Gap

☆ Gap reports another period of declining sales across all brands, warns of 'uncertain consumer'
▼ + stars: | 2023-08-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +7 min

In this article GPS Follow your favorite stocks CREATE FREE ACCOUNTPedestrians walk past Old Navy and GAP stores in Times Square, New York City. The company is projecting net sales to decrease in the low double-digit range for the fiscal third quarter compared to last year's net sales of $4.04 billion. Sales declined 6% at Old Navy, on top of a sharp 13.6% decline in the prior-year period. Gap is betting Dickson can breathe new life into Gap's brands: its namesake banner, Old Navy, Banana Republic and Athleta. "We know that regardless of market conditions, strong brands, brands that matter, win," said O'Connell.

Persons: Drew Angerer, Katrina O'Connell, Neil Saunders, StreetAccount, Richard Dickson's, Mattel's Barbie, Dickson, Here's, Chris Blakeslee, Alo Yoga, O'Connell Organizations: Navy, GAP, Refinitiv, Old Navy, Mattel, Banana, Republic Locations: Times Square , New York City, Banana Republic, women's, men's, Gap China, North America

☆ Procrastinators, rejoice: Super Saturday is here and it could bring major discounts to shoppers
▼ + stars: | 2022-12-17 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Super Saturday, the last Saturday before Christmas, could draw a record 158 million shoppers. But shoppers who take advantage of that extra time to buy are in for another treat: major discounts. "Retailers staring down time-limited inventory surpluses will do whatever they can to liquidate before the holiday season has expired." Shoppers could see major discounts on Super SaturdayBrandon Bell/Getty ImagesMajor retailers have been lamenting their inventory positions throughout 2022. The supply chain challenges that squeezed retail brands last holiday season have subsided, leaving a pandemic-induced hangover in their wake.

☆ Gap beats on third-quarter revenue, but tempers expectations for holiday season
▼ + stars: | 2022-11-17 | by ( Melissa Repko | ) www.cnbc.com time to read: +6 min

Gap on Thursday beat Wall Street's quarterly revenue expectations, but gave a cautious outlook for the holiday season. Old Navy, known for casual clothing for adults and kids: comparable sales fell 1%. Banana Republic, known as a destination for suiting and dresses: comparable sales rose 10%. comparable sales rose 10%. Athleta, an activewear brand: comparable sales were flat, as shoppers shifted to buying more outfits for occasions and for work.

☆ Retailers Stuck With Too Much Inventory Face Risky Decisions
▼ + stars: | 2022-06-03 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +8 min

In the past two weeks, retailers have shown that the anticipated, but hard to time, cooling in consumer demand for goods has arrived. And many retailers reported holding more inventory than they'd like — and the goods they have might not be the ones they need now. Several retailers mentioned late deliveries of spring merchandise, which compounded their inventory glut when mixed with the cooling demand. Quite literally, it means to pack inventory away to sell when its season comes back around. On top of the risk that the product may not be attractive in the future, holding inventory means paying for storage.

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