November 21, 2019 / 9:27 PM / 23 days ago

Gap quarterly revenue beats, says plan to split Old Navy making progress

Nov 21 (Reuters) - Gap Inc on Thursday reported better-than-expected quarterly net sales, nearly two weeks after the retailer’s longtime Chief Executive Officer Art Peck stepped down, sending its shares up 4%.

“We continue to make progress against our separation plans, which will provide improved focus and a further catalyst for transformation,” said Robert Fisher, the company’s interim chief executive officer.

The company in February said it would separate its better-performing Old Navy brand, giving investors hopes that the standalone company would be able to show better results than the Gap brand.

The San Francisco-based company said net sales fell 2.2% to $4 billion in the third quarter ended Nov. 2, but was still above the analysts’ average estimate of $3.96 billion, according to IBES data from Refinitiv. (Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren Daniel)

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