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Iconic all-American clothing retailer sees huge increase in profits after reinventing its preppy classics
Once at the brink of shutting down stores nationwide, this all-American clothing retailer has managed to turn back time and record a huge increase in profits by simply reinventing its classics.
GAP, one of the largest casual apparel companies in the country, has made a huge comeback after its fiscal second quarter results showed their profits had more than doubled from last year.
Earlier today, the company accidently posted its quarterly earnings and profits on its website well before the stock market closed but quickly rescinded it.
The official report was released after market trading ended for the day.
GAP has made a huge comeback after its fiscal second quarter results showed more than a double increase in profits from last year
The error was confirmed by a spokesperson who revealed that the accident was due to an 'administrative error' and said: 'As soon as the error was caught, we notified the NYSE and trading of our stock was halted temporarily.'
According to the Wall Street Journal, the retailer posted a profit of $206 million for this quarter - as compared to the $117 million back in August 2023.
Sales also rose to $3.72 billion, which is a little higher than last year's $3.55 billion.
Earnings were also recorded at a high 54 cents a share while last year, they were set at 32 cents per share.
The parent of Banana Republic and Old Navy has successfully managed to turn around its sales slump and reclaim its cultural relevance after the hiring of its new CEO Richard Dickson last year.
The parent company of Banana Republic and Old Navy has successfully managed to turn around its sales slump and reclaim its cultural relevance after the hiring of its new CEO Richard Dickson
The company has also successfully collaborated with buzzy brands like Doen and LoveShackFancy in the past year
The ex-Mattel COO has spent the year modernizing some of the company's well-known staples such as workwear and preppy designs.
In an interview with Yahoo Finance, Dickinson explained: 'We've spent a lot of time driving our strategic priorities, bringing back financial and operational rigor, enabling us to reinvigorate these brands to the extent that we could revitalize them and be part of the cultural conversation.
'Great product, great price, great storytelling, great store experiences. These are all fundamentals that we're working really hard to fix.
'We're building stronger brand identities. They're supported by trend right products.
'We're amplifying those through better storytelling. Our media mix has gotten much more innovative, and generally speaking, I'm proud of the brand's portfolio work in the context of cultural relevance,' he also told CNBC.
Apart from this, the brand also hired designer Zac Posen as its new EVP & Creative Director
Apart from this, the brand also hired designer Zac Posen as its new Creative Director and EVP earlier this year.
His appointment has already shown tremendous results for GAP as his clothes- particularly gowns - have been worn by celebrities on red carpets as well at the MET Gala and generated massive consumer interest.
Academy Award winner Anne Hathaway showed off a show-stopping shirt dress with a white corset bodice from the brand at a Bulgari event in Rome on May 20.
The Idea of You star's ensemble was designed by Posen and styled by Erin Walsh.
According to Gap's Instagram, it was 'a new take on a classic' that 'reimagines Gap's classic white shirt' by 'mimicking the construction of the shirt's collar and placket, but adding a feminine twist with darting at the waist and a coordinating corset.'
Anne Hathaway, 41, showed off a shirt dress with a white corset bodice that was designed by Posen after he undertook the new creative role
Posen, who's overseeing Banana Republic, Athleta and Old Navy as well, also dressed Da'Vine Joy Randolph, 38, for the MET Gala this year
The 'modern look' was inspired by the Audrey Hepburn film Roman Holiday and is currently sold out.
Commenters adored the fresh take on a classic and called it 'the future of Gap' on Instagram, with one writing, 'More of this and less of the five different iterations of $80 paper bags y'all sell.'
Posen - who is overseeing Banana Republic, Athleta and Old Navy as well - also dressed Da'Vine Joy Randolph, 38, for the MET Gala this year.
The New York City-based designer was lavished with praise for the stunning custom-made denim gown, which was absolutely adored on social media.
Apart from this, the company has also successfully collaborated with buzzy brands like Doen and LoveShackFancy in the past year.