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Gap sinks plan to spin off Old Navy

2020-1-17 14:44

Gap Inc. interim CEO Robert Fisher said the company is no longer planning to spin off its Old Navy brand as a standalone company.Drew Angerer—Getty Images

正在寻找新首席执行长的服装零售商Gap Inc.表示,将不再寻求将Old Navy打造为一家独立的公司。该股在尾盘交易中大幅上涨。


在前任首席执行官阿特o派克的领导下,该公司宣布了剥离Old Navy的计划,理由是其快速增长没有反映在Gap的股价上。然而,老海军最近几个季度的业绩有所恶化,去年年底,佩克被解除了首席执行官的职务。


Gap临时首席执行官罗伯特•费希尔(Robert Fisher)表示:“我们为此次调整所做的准备工作,让人们看到了运营效率低下和需要改进的地方。”“我们学到了很多,打算以更严谨和转型的方式运营Gap公司,增强我们的成长型品牌Old Navy和Athleta的实力,并适当关注香蕉共和国和Gap品牌的盈利能力。”


Gap股价在尾盘一度飙升15%。该公司表示,预计2019年全年利润将“略高于”此前每股1.70美元至1.75美元的预期,因为“假期期间的促销水平好于预期”。


该公司还宣布,Gap品牌总裁兼首席执行官尼尔•菲斯克(Neil Fiske)将离开公司。近年来,Gap一直在努力寻找自己的定位,出现了几次时装失败和销售额下降的情况。


“Gap已经失去了自己的身份,”彭博资讯(Bloomberg Intelligence)的零售业分析师普纳姆·戈亚尔(Poonam Goyal)说。“它需要修正运营执行、品牌信息,而整个组织需要提升。Gap是谁?他们想吸引谁?”


这一决定对Gap来说是一个重大转变。去年11月,佩克离开公司一天后,该公司表示,其董事会“仍然相信计划中的分离的战略依据,分离的准备工作仍在按计划进行。”


然而,杰富瑞(Jefferies)分析师兰德尔•科尼克(Randal Konik)在本月的一份报告中对这部衍生品提出了质疑,他问道,考虑到它“最近令人失望的业绩”,它是否“继续具有战略意义”。


分离的成本可能是个问题。Gap在9月的一份有关剥离的报告中称,剥离将产生4 - 4.5亿美元的一次性支出,并将耗费3 - 3.5亿美元的资本。

卡其色的主宰


Gap于1969年在旧金山成立,最初是一家销售李维斯公司牛仔裤的牛仔商店,后来声名鹊起。它帮助开拓了零售的纵向一体化,并开始生产自己的品牌商品。到20世纪90年代,它已经转变为一个时尚巨头,因为它跳上了卡其布裤子的潮流,并在香蕉共和国(Banana Republic)和老海军(Old Navy)建立了强大的二级品牌。


但在2005年前后,从商场客流量下降到运营问题,各种矛盾开始酝酿。最著名的失误之一发生在2010年,当时该公司推出了一个新的Gap标识。一些顾客抱怨,所以仅仅一周后它就放弃了。


该公司拒绝发表声明以外的评论。


Gap的股价在2019年下跌了31%,是标准普尔500指数中表现最差的股票之一。


戈亚尔表示,她对菲斯克的离开感到“惊讶”,整个公司“需要在最大的品牌上展示新的战略”。


投资者可能要等到2月27日才能看到更多细节,届时该公司将公布第四季度收益。


Goyal表示,"不管是否分拆,Gap的基本健康状况仍令人担忧。"

Gap Inc., the apparel retailer that’s searching for a new chief executive officer, said it will no longer seek to establish Old Navy as a standalone company. The shares surged in late trading.


The plan, announced under previous CEO Art Peck, was to spin off Old Navy on the premise that its fast growth wasn’t being reflected in Gap’s stock price. However, Old Navy’s performance has deteriorated in recent quarters and Peck was removed as CEO late last year.


“The work we’ve done to prepare for the spin shone a bright light on operational inefficiencies and areas for improvement,” said Robert Fisher, Gap’s interim CEO. “We have learned a lot and intend to operate Gap Inc. in a more rigorous and transformational manner that empowers our growth brands, Old Navy and Athleta, and appropriately focuses on profitability for Banana Republic and Gap brand.”


Gap shares jumped as much as 15% in late trading. The company said it expects full 2019 profit to be “moderately above” its previous projection of $1.70 to $1.75 a share because of “better than anticipated promotional levels over the holiday period.”


The company also announced that Neil Fiske, president and chief executive officer of Gap brand, will leave the company. Gap has struggled in recent years to find its identity, with several fashion misses and declining sales.


“Gap has lost it’s identity,” said Poonam Goyal, a retail analyst at Bloomberg Intelligence. “It needs to fix operational execution, brand messaging, and the entire organization needs an uplift. Who is Gap and who are they trying to attract?”


The decision is a significant shift for Gap. A day after Peck’s departure last November, the company said its board “continues to believe in the strategic rationale for the planned separation, and the preparation for separation continues as planned.”


However, Jefferies analyst Randal Konik had questioned the spinoff in a note this month, asking whether it “continues to make strategic sense” considering its “recently underwhelming results.”


The cost of the separation may have been an issue. In a September presentation about the spin off, Gap said the separation would create a one-time expense of $400 million to $450 million, and cost $300 million to $350 million in terms of capital.


Khaki juggernaut


Gap, founded in 1969 in San Francisco, rose to prominence as a denim emporium selling jeans from Levi Strauss & Co., another Bay Area institution. It helped pioneer the vertical integration of retail and started producing its own branded goods. By the 1990s, it had transformed into a fashion juggernaut as it jumped on the khaki-pants trend and built up robust secondary brands in Banana Republic and Old Navy.


But struggles started brewing in the middle of the next decade, from declining mall traffic to operational issues. One of the most famous missteps came in 2010 when the company unveiled a new Gap logo. Some shoppers complained, so it ditched it just a week later.


The company declined to comment beyond the statement.


Gap’s shares declined 31% in 2019, one of the worst performers on the S&P 500 Index.


Goyal said she was “surprised” at Fiske’s departure and the whole company “needs to show a new strategy across their biggest brands.”


Investors may have to wait until Feb. 27 for more details, when the company said it will release fourth-quarter earnings. 


“Spin off or no spin off, Gap’s underlying health of the company is still a concern,” Goyal said.

原作者: Jordyn Holman , Jonathan Roeder , and Bloomberg 来自: fortune