Gap Profit Off, Sees More Store Closings
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Gap Inc. (GPS.N), the largest U.S. specialty apparel retailer, on Thursday reported a 7 percent decline in quarterly profit, meeting lowered forecasts, after summer clearance sales drew surprisingly small crowds.
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Annual results show a drop in profits despite better efficiency.
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Sears, Roebuck and Co. on Thursday  said quarterly profit fell sharply compared with a year  earlier, when the department store operator had a gain from the  sale of its credit card business, but the profit topped  forecasts as the retailer slashed costs.
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Gap Inc. GPS.N, the largest U.S.  specialty apparel retailer, on Thursday reported a 7 percent  decline in quarterly profit, meeting lowered forecasts, after  summer clearance sales drew surprisingly small crowds.
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Clothing retailer Gap Inc. GPS.N  said on Thursday its third-quarter earnings ticked up 1  percent, hemmed in by lackluster sales at its Old Navy and   international Gap stores open at least a year.
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Struggling apparel giant Gap Inc.  said on Thursday that fourth-quarter net profit fell 35 percent on weak sales at its two main casual clothing chains and dependence on holiday season discounts, but still topped Wall Street targets.
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General Mills Inc.  on Thursday posted quarterly profit that was a penny shy of analysts' estimates as increased marketing spending and higher commodity costs tempered gains.
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Retailer Macy's Inc.  cut its quarterly profit outlook on Thursday as June same-store sales came in lower than expected, and its shares fell nearly 4 percent.
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Business & money: Leading stores forecast shortfall in year's profits after shoppers cut back on festive spending
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U.S. apparel chains, which are already suffering from slow back-to-school spending, on Wednesday saw their shares take a hit from a rating downgrade of industry leader Gap Inc.
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Kroger Co. KR.N, the largest U.S.  grocer, on Tuesday reported a lower quarterly profit, hurt by  debt costs even as sales rebounded in Southern California where  it was hit by a strike.
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Gap Inc.  said on Thursday its  sales at stores open at least a year fell 8 percent in  November, below analysts' average forecast, as fewer customers  visited its stores even during the kick-off to the busy holiday  season.
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Shares of Gap Inc.  fell 2 percent on Friday morning as analysts questioned what's next for the casual clothing retailer after a two-year turnaround.
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Kroger Co. , the largest U.S. grocer, on Tuesday reported a lower quarterly profit, hurt by debt costs even as sales rebounded in Southern California where it was hit by a strike.
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The company reported a sharp decline in its fourth-quarter profit compared with results a year ago that were fattened by a gain, but sales were up 1.7 percent.
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The clothing retailer's profits take a hit on weather woes and bigger-than-expected markdowns
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U.S. home goods retailer Bed Bath &  Beyond Inc  posted a lower quarterly profit on Thursday  and warned its fourth-quarter results would be lower than  expected, sending its shares down almost 10 percent.