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March 02, 2007
Gap's Q4 Earnings Drop 35%; Comps Down 7%
Gap reported a 35% decline in earnings and a 7% drop in same-store sales for the fourth-quarter of 2006. The disappointing results are just the latest in a series of difficulties facing the San Francisco-based retailer.
Gap said that it is taking bold moves to stem the losses, including closing stores and cutting back on marketing.
The group is currently in the process of looking for a new CEO after it dismissed Paul Pressler in January for failing to turn the company around.
Posted by Blacks on March 2, 2007 12:01 PM
