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Gap Q1 profit beats Street
San Francisco -- Gap Inc. said Thursday that profit for the quarter ended April 28 was flat compared with the year-ago period, but its results beat Wall Street forecasts and prompted the retailer to raise its outlook for the year.
Gap reported a profit of $233 million for the first quarter. Revenue rose 6% to $3.49 billion, beating analysts’ estimated $3.46 billion in revenue, and same-store sales rose 4%.
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Foot Locker names COO
New York -- Foot Locker Inc. said Thursday that current executive VP and retail group president Richard Johnson as been promoted to COO, giving the company veteran operational oversight of all the retailer’s banners. The appointment is effective immediately.
Along with its namesake Foot Locker stores, the company also operates Champs Sports, Kids Foot Locker and CCS.