The team of Hilco Merchant Resources and Gordon Brothers has won the assets of Hastings Entertainment, which filed for bankruptcy last month. Hilco and Gordon, which liquidated the inventory of Borders when that bookstore collapsed, will begin selling off the Hastings inventory following a hearing July 22 to approve the deal. Hastings’ 126 stores are all expected to close by the end of October. The liquidation of Hastings comes as no surprise, since Gordon Brothers and Bloomberg L.P. recently emerged as the only two parties expressing interest in the retailer. At Hastings' July 18 bankruptcy hearing, the liquidating company and the financial service media giant showed interest in the retailer.
Gap Inc. (NYSE: GPS) today reported first quarter fiscal year 2017 diluted earnings per share of $0.36 compared with diluted earnings per share of $0.32 in the first quarter of fiscal year 2016. The company also reaffirmed its full-year diluted earnings per share guidance to be in the range of $1.95 to $2.05.
“We are pleased with our positive comp and earnings growth this quarter,” said Art Peck, president and chief executive officer, Gap Inc. “We’ve made substantial improvements in product quality and fit, and our increasing responsive capabilities are enabling us to better react to trends and demand.”
“While the retail environment continues to be challenging, we are focused on delivering the best possible product and customer experience, and our ability to leverage a portfolio of iconic brands and operating scale uniquely positions the company for long-term growth,” Peck continued.
Gap Inc.’s comparable sales for the first quarter of fiscal year 2017 were up 2 percent versus a 5 percent decrease last year. Comparable sales by global brand for the first quarter were as follows:
• Old Navy Global: positive 8 percent versus negative 6 percent last year
• Gap Global: negative 4 percent versus negative 3 percent last year
• Banana Republic Global: negative 4 percent versus negative 11 percent last year
Net sales for the first quarter of fiscal year 2017 were $3.4 billion, about flat to the first quarter of fiscal year 2016. The translation of foreign currencies into U.S. dollars negatively impacted the company’s net sales for the first quarter of fiscal year 2017 by about $11 million. First quarter net sales details appear in the tables at the end of this press release.
more detail at: http://www.gapinc.com/content/dam/gapincsite/documents/Press%20Releases/GPS_Q117_EPR_FINAL.pdf