Gap (GPS) — which also owns retail chains Banana Republic and Old Navy — stock continues to pop off on its third-quarter earnings beat on the top and bottom lines. Jefferies Analyst Corey Tarlowe joins Yahoo Finance Live to break down the biggest takeaways from Gap's earnings report and what it signifies for US consumer spending. "Old Navy represents over 50% of sales and profits for the business, we think, and it really... drives the bus, so to speak, for the overall sales and profit trajectory of the enterprise," Tarlowe explains. "And to see after a number of quarters of same-store sales declines, to see that inflection positively I think is welcome news." For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Gap (GPS) — which also owns retail chains Banana Republic and Old Navy — stock continues to pop off on its third-quarter earnings beat on the top and bottom lines. Jefferies Analyst Corey Tarlowe joins Yahoo Finance Live to break down the biggest takeaways from Gap's earnings report and what it signifies for US consumer spending.
"Old Navy represents over 50% of sales and profits for the business, we think, and it really... drives the bus, so to speak, for the overall sales and profit trajectory of the enterprise," Tarlowe explains. "And to see after a number of quarters of same-store sales declines, to see that inflection positively I think is welcome news."
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Gap shares surged Friday after the clothing retailer posted quarterly profit and revenue that topped downbeat Wall Street expectations. The stock climbed about 30% in early trading Friday, on track for its highest close since February 2022.
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The company, which also owns Old Navy, Banana Republic and Athleta, on Thursday reported that comparable sales fell 2% in its quarter ended Oct. 28. It is a great start for former Mattel executive Richard Dickson, who took on the top job at Gap three months ago with much fanfare. At Old Navy, for example, the company launched a women’s marketing campaign last quarter that featured on-trend products and improved its online presentation.
BERLIN (Reuters) -Eli Lilly will build its first plant in Germany for 2.3 billion euros ($2.5 billion) in the western town of Alzey, the U.S. pharmaceuticals maker said on Friday, as the sector scrambles to meet demand for new diabetes and obesity therapies. The investment, which was reported by Reuters on Wednesday and Thursday, will help boost production of diabetes and obesity drugs including Mounjaro and injection pens to administer them, the U.S. group said. "Germany's workforce will play a vital role in bolstering Lilly's incretin supply when the new site is operational beginning in 2027," Lilly said in a statement on Friday.
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Oil prices were rising Friday after hitting four-month lows but worries about demand continued to weigh on the market. Oil was on pace for its fourth-straight week of declines. West Texas Intermediate the U.S. standard, was up 0.8% at $73.47 a barrel.
