During a conference call, he said, "We made progress in driving earnings growth by managing our inventory and reducing expenses." Marketing expenses are a chief component of the belt-tightening underway.
The company has trimmed $80 million from marketing costs in the last half of this year compared with the same half of 2006. There will not be four weeks of TV ads for the flagship Gap brand during fourth quarter, for example.
The Banana Republic brand, which has fewer than half of the domestic store units of Gap and Old Navy, was the best comp-store performer in third quarter. Its comp-store sales were up 1%, compared with a 2%-increase in the prior-year quarter.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
