Global News

[ad_1] American clothing and accessories retailer American Eagle store seen in Hong Kong. (Photo by Budrul Chukrut/SOPA Images/LightRocket via Getty Images) Budrul Chukrut | Lightrocket | Getty Images Shares of American Eagle plummeted nearly 16% on Tuesday after the company issued a holiday forecast that failed to impress.  For its holiday quarter, American Eagle expects sales to be up high single digits, ahead of the 3.4% sales growth analysts had expected, according to LSEG. However, it's expecting its operating income to be between $105 million and $115 million, which is mostly below expectations of $114 million, according to StreetAccount. The forecast was dampened by an expected 20% uptick in selling and general administrative expenses, the company said.   The apparel retailer outperformed in its fiscal third quarter, however. Here's how the company did compared with what Wall Street was anticipating, based on a survey of analysts by LSEG, formerly known as Refiniti...

[ad_1] Gap will lay off about 1,800 employees, more than three times as many as the 500 layoffs it announced in September , as part of a broad effort to cut costs and streamline operations, the company said Thursday.  The layoffs will affect roles at Gap's headquarters locations along with upper field positions, or workers such as regional store leaders who hold leadership titles outside of a headquarters office, the company said. CNBC reported Tuesday that the company would lay off more than 500 employees. The job cuts come as the apparel retailer struggles to return to profitability while sales sag. The layoffs are expected to result in annualized savings of $300 million, Gap's interim CEO, Bob Martin, said in a statement. Gap expects to see half of those savings in 2023, and expects to complete the layoffs by the end of July, according to a securities filing. "We are taking the necessary actions to reshape Gap Inc. for the future — simplifying and optimizing our ...