Gap Inc. to Close Stores

Gap Inc. says it will shift its focus to its growing brands Old Navy and Athleta and away from the Gap and Banana Republic

In its latest financial report, Gap said it expects Old Navy to grow to generate more than $10 billion in net sales over the next few years, while Athleta sales surpass the $1 billion mark driven thanks to growing online sales.

Gap Inc.is making bold moves to address declining retail sales in their longstanding stalwart brands, Gap and Banana Republic, announcing Wednesday that they're closing 200 underperforming stores and will then open 270 new locations of the two brands that are doing well for them, Old Navy and Athleta. CEO and President Art Peck said in a statement.

One bright spot for Gap has been Old Navy - its less expensive clothing brand. That has resulted in sluggish traffic at the stores. The company plans to reinvest a portion of productivity related savings in its growth initiatives, providing opportunity for margin expansion. It's also been working hard to improve fit - a problem that has long bedeviled the retailer - and it's been trying to rework its fashions.

US missile boost for South Korea
South Korean President Moon Jae-In has previously urged limits on Seoul's missiles to be loosened in a conversation with Trump. However, Trump said after the latest missile test that negotiations with Pyongyang were "not the answer".

So far, the company has witnessed double-digit sales growth through its online and mobile businesses. The company has also been expanding its online services to meet the demands of its customers, including an option that allows shoppers to reserve an item online and pick it up at a store.

Gap Inc shares were unchanged in premarket trading Friday.

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