Gap: financial protection from corona virus

Gap: financial protection from corona virus

Gap protects itself from Coronavirus. At least financially. The American player has in fact announced a series of “precautionary actions to strengthen financial flexibility”. Specifically, it will draw from its credit line all available $ 500 million, suspend the distribution of dividends, reduce capital expenditure by approximately $ 300 million and review all operating costs in order to reduce expenses. The group, which owns brands such as Old Navy, Gap, Banana Republic, Athleta, recorded net sales for 16.4 billion dollars in 2019, down 1% on 2018 and profits dropped to 351 million dollars, against 1 billion the previous year.
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