Gap to close 230 stores in restructuring as comparable sales plunge

Along with its results for the fourth quarter and fiscal 2018, Gap Inc. announced plans to separate into two publicly traded companies: Old Navy, and a yet-to-be-named company, which will consist Gap brand, Athleta, Banana Republic, Intermix and Hill City. The company also announced that as a part of its restructuring effort, it will close about 230 Gap specialty stores over the next two years. The company reported fourth quarter diluted earnings per share of 72 cents compared with reported diluted earnings per share of 52 cents or 61 cents on an adjusted basis for previous year’s fourth quarter. For the full year, diluted earnings per share were 2.59 dollars compared with fiscal year 2017 reported diluted earnings per share of 2.14 dollars or 2.13 dollars on an adjusted basis.