Gap is doing well before Christmas – level 2

Gap is doing well before Christmas

27-11-2024 07:00

Gap’s shares went up by almost 177% on Friday after the company announced its predictions about sales.

Gap boss Richard Dixon said the holiday shopping season started well. Gap saw growth in all its brands, including Old Navy, for the first time in nearly two years. This is different from Target’s lower sales prediction and matches Walmart’s belief that shoppers are still spending. Dixon, who became CEO in August 2023, works on improving the store experience and selling items at full prices. This plan is working well. Gap will probably have fewer sales with discounts during the holiday season.

Gap expects its annual sales to grow by 1.5% to 2%, more than its earlier prediction.

Difficult words: share (one part of a company which you can buy), prediction (when you say what may happen in the future), store experience (how people feel and what they are thinking about while shopping), annual (yearly).

You can watch the original video in the Level 3 section.

What strategy has Gap's CEO, Richard Dixon, been implementing to improve the store experience and how has it affected their sales predictions?

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