Gap Inc reported its sales results for the month of March. The retailer saw a decline in March sales, which pushed the shares down around 10%.
Morgan Stanley lowered Gap's stock to an "underweight" rating from "equal-weight", citing key weakness in the company's business. Analyst at Morgan Stanley fixed an objective price of $26 for Gap's stock, down 11% from the present level.
Apparel retailer Gap Inc (GPS.N) said it would close a quarter of Gap specialty stores in North America over the next few years, including 140 this year, potentially affecting thousands of jobs as the company struggles with a slump in sales at its namesake brand.
China's JD.com Inc (JD.O) has partnered Gap Inc (GPS.N) to sell the U.S. clothing retailer's apparel online in China, as the Beijing-based e-commerce company goes head to head with Alibaba Group Holding Ltd (BABA.N) to woo big foreign fashion names.
A resurgence in spending helped by an improving U.S. economy bolstered back to school season sales for retailers in September, but stagnant wages may force more discounting in the coming months, keeping pressure on margins.
San Francisco, US-based ad-tech startup TripleLift scored $4 million in a Series A funding round led by True Ventures to expand its workforce and automate native advertising.
Children's Place, the largest children's apparel retailer in the US, is in talks with Arvind Brands about a possible India entry next year. Children's Place is looking to expand its market outside North America.
Salesforce.com acquired ExactTarget.
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