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President and CEO of Gap Inc, Paul Pressler, is stepping down today, to be replaced on an interim basis by Robert Fisher, the current non-exec chairman of Gap’s board.
Gap averaged an (8%) decline in same store sales in CYQ4 and experienced monthly same store sales declines in every month in CY2006 but January. The ICSC Retail Chain Stores Sales Index averaged around 3% monthly growth in same store sales in 2006, but suffered half a percentage point dip in holiday sales growth compared to last year.
In the overall retail market, luxury retailers saw a significant (above 5%) boost in same store holiday sales, while department stores recorded slight gains, taking business from specialty retailers like Gap.
Gap’s (NYSE: GPS) shares are currently trading down over 3/4ths of a percent.
Gap Will Fashion Its Future Without Pressler – [WSJ]
Gap Press Release