Gap sees 2020 profit above estimates, flags $100 mln virus hit to sales, Retail News, ET Retail

By : Nivedita Balu

Gap Inc leaned on its turnaround plan to forecast 2020 revenue over industry expectations on Thursday, but flagged a $one hundred million income hit in Asia and Europe from the coronavirus, which has also commenced impacting its house industry.

The disruptions owing to the health crisis is the most up-to-date headache for newly named Main Govt Officer Sonia Syngal as she attempts to revive demand for its apparels in a competitive retail industry marked by slowing visitors in malls.

Independently, Gap named Old Navy’s finance main Katrina O’Connell as its next main fiscal officer, who will consider charge along with Syngal afterwards this thirty day period.

“With the U.S. conditions that are just rising, we commenced to see some effects on visitors right here,” outgoing Main Financial Officer Teri Checklist-Stoll, advised analysts in a conference phone.

Many shops have warned of a income hit as a

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