Gap Shares Tumble After CEO Murphy Announces Exit

Gap CEO Glenn Murphy steps down | Source: Courtesy

Gap Inc. fell the most in more than three years after saying it will replace Chief Executive Officer Glenn Murphy, who was credited with reviving the apparel maker during his seven-year tenure, and posting disappointing September sales.

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Gap Outlines Growth Plans For China

Singer Anna Calvi and rapper Theophilus London in Gap Spring/Summer 2014 campaigns | Source: Gap

NEW YORK, United States — Gap Inc. announced Wednesday it plans to more than triple sales in China in three years as it seeks to grab a bigger piece of the overall $1.4 trillion global clothing market.

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Gap’s 4th-Quarter Profit Down 12.5 Percent

Singer Anna Calvi and rapper Theophilus London in Gap Spring/Summer 2014 campaigns | Source: Gap

NEW YORK, United States — Gap Inc. is reporting a 12.5 percent drop in fourth-quarter profit on a 3 percent decline in revenue as the clothing retailer was forced to discount heavily over the holiday shopping season to entice customers.

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