Tranzactioneaza Gap, (the) (US.GPS) - 24.56 USD (%) Tranzactioneaza
Stiri
Many U.S. retailers are opting for new leadership or moving ahead with pandemic-delayed succession plans as the industry adapts to challenges beyond the Covid-19 health crisis.
On Monday, Gap Inc. (US.GPS) replaced Chief Executive Sonia Syngal after more than two years on the job. On Tuesday, Dollar General Corp. (US.DG) said its longtime CEO would step down. Those announcements follow recent exits of the CEOs at companies such as Bed Bath & Beyond Inc., (US.BBBY) athletic-equipment merchant Under Armour Inc. (US.UA) and luxury-consignment seller The RealReal Inc. (US.REAL)
Other companies with executive turnover have struggled for years to reinvent themselves, including Gap and Bed Bath & Beyond. Shares of both companies have tumbled in recent years. Both of them replaced their CEOs with board members while they are looking for new leadership.
Target (US.TGT) warned investors Tuesday that its profits will take a short-term hit, as it marks down unwanted items, cancels orders and takes aggressive steps to get rid of extra inventory. The retailer slashed its profit margin expectations for the fiscal second quarter to account for a wave of goods winding up deeply discounted or on the clearance rack. Shares fell more than 9% in premarket trading following the news. Retailers from Walmart (US.WMT) to Gap (US.GPS) face a glut of inventory as inflation-pinched shoppers skip over categories that were popular during the first two years of the pandemic. Gap, for instance, said customers want party dresses and office clothes instead of the many fleece hoodies and active clothes the company has. Walmart said some families are making fewer discretionary purchases as the prices of gas and groceries rise. Abercrombie & Fitch (US.ANF) and American Eagle Outfitters (US.AEO) both reported a steep jump in inventory levels, up 46% and 45%, respectively, from a year ago from a mix of items not selling and supply chain delays easing.