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Gap Q1 income drops 22%; Athleta on track for 100 stores by year-end
San Francisco -- Gap Inc. on Thursday said its first-quarter profit dropped 22%, hurt by weakening foreign currencies.
The retailer earned $260 million in the three-month period ended May 3, down from $333 million in the year-ago period. Revenue increased 1.2% to $3.77 billion. Same-store sales were down 1%.
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Stein Mart appoints new director of e-commerce following solid first quarter
Stein Mart has named Sara Meza as director of e-commerce. Although Meza came on board in April — after a 12-year tenure at Belk where she led the original launch of the retailer’s website business — the company made the announcement in conjunction with solid first-quarter results.
Net income for the quarter decreased to $14.1 million, or $0.31 per diluted share, from a net income of $14.7 million, or $0.33 per diluted share in 2013.