US EditionTariffs Will Cost Gap up to $150 Million
- Gap's stock plunged 15% in after-hours trading on Thursday after announcing tariffs could cost up to $300 million this year.
- The tariffs, imposed by President Donald Trump, include 30% duties on China and 10% on most other imports, with ongoing legal challenges causing uncertainty.
- Gap, owning Old Navy, Banana Republic, and Athleta, reported a 2% comparable sales increase last quarter but faces challenges due to tariff impacts and shifting supply sources.
- Gap CEO Richard Dickson said, based on current knowledge, the company will not raise prices significantly or affect consumers meaningfully despite tariff pressures.
- Gap aims to reduce the financial impact of tariffs by sourcing products from a wider range of locations and anticipates that these effects will be reflected primarily in the latter half of the year.
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GAP (NYSE:GAP) Given Market Perform Rating at Telsey Advisory Group
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On this episode of Stock Movers: Gap (GAP) shares sink after the company predicted a tariff impact of up to $300 million and revealed weakness at Banana Republic and Athleta. The retailer reiterated its guidance for sales and operating income this year, but this does not include the potential impact of tariffs, and has strategies to mitigate more than half of the tariff cost. Costco Wholesale (COST) shares rise after the company posted better-th…
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