Gap’s (GPS) earnings got a bit better, but the company is still coming apart at the seams.
In the latest quarter, Gap revenue fell from $3.69 billion to $3.5 billion. Comparable store sales were off 10%. The company’s online sales for the second quarter increased 11% to $191 million, compared with $172 million for the second quarter of last year.
Gap’s Old Navy brand is badly broken. Comparable store sales for that division were down 16%. Revenue for Old Navy fell from $1.5 billion to $1.3 billion. The operation still has over 1,000 stores and its is difficult to see how Gap can ever make money on them.
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Speculation has begun that the shares in Lehman (LEH) are so cheap that the brokerage might become the target of a hostile takeover. Not likely.
Motorola’s (MOT) plan to spin-off its handset unit was set back further 

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