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 slight  decline in quarterly profit, meeting lowered forecasts, after  summer clearance sales drew surprisingly small crowds.
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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.
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Struggling apparel giant Gap Inc.  said on Thursday that fourth-quarter net profit fell 35 percent  on lower or flat sales at its two main casual clothing chains  and dependence on holiday season discounts.
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The apparel retailer reports higher sales and profits but lower comps.
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Safeway Inc. SWY.N, the  third-largest U.S. grocer, on Tuesday reported a lower  quarterly profit as it grappled with lingering costs from a  labor strike in California earlier this year.
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- Apparel Retailer Gap Inc.  said it will close its Forth & Towne store concept after an 18-month pilot, and it would affect about 550 employees.
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Gap Inc. (GPS.N: Quote, Profile, Research) , the largest US specialty apparel retailer, on Thursday reported a slight decline in quarterly profit, meeting lowered forecasts, after summer clearance sales drew surprisingly small crowds.
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Clothing retailer Gap Inc.   reported on Thursday a 26 percent drop in quarterly profit due  to increased markdowns at Gap stores and losses at its failed  Forth & Towne business.
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Gap Inc.'s fourth-quarter profit fell 35 percent in a gloomy performance that triggered a recent management purge and doomed the slumping retailer's newest chain. The San Francisco-based company said late Thursday that it earned $219 million, or 27 cents per share, for the 14 weeks ended Feb. 3. That compared with net income of $337 million, or 39 cents per share, at the same time in the previous year.
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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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Gap Inc.'s management has changed, but the troubled clothing retailer's financial trends remain distressingly familiar with both profits and sales still evaporating.
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Home Depot Inc.  said on Wednesday it expects per-share profit to fall this year as the U.S. housing slump hurts sales and it increases spending to improve older stores in a bid to gain market share.
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Shares of Gap Inc. fell as much as 4.9 percent on Friday, a day after the apparel giant reported a lower quarterly profit and said 2007 would be a transition year with earnings well short of Wall Street expectations.
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Wal-Mart Stores Inc  on Tuesday  posted a better-than-expected quarterly profit after  penny-pinching U.S. shoppers scoured its discount stores for  low prices on necessities like food and laundry detergent.
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Sears Holdings Corp.  on Tuesday forecast lower quarterly profit and said it needs to better control its costs and stock more items that its shoppers demand, sending shares down more than 8.7 percent.
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Discount retailer Kmart Holding Corp. reported Monday that the company swung to a profit in the second quarter, but same-store sales were still in decline.
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U.S. retailers will close stores and  reduce square-footage growth plans this year to offset slowing  sales, slumping stock prices, a saturated market and a penny  conscious shopper, analysts said on Sunday.