Gap, Carter’s Climb After Executives Speak at Goldman ConferenceBy
DSW also gains in sign that optimism about apparel is growing
Gap CEO says that Old Navy chain has ‘gotten back on track’
Shares of Gap Inc. and Carter’s Inc. climbed on Wednesday after executives spoke at Goldman Sachs Global Retailing Conference, a sign investors expect the spotty apparel industry to improve.
Gap Chief Executive Officer Art Peck said at the conference that leading indicators are positive for his company’s namesake chain. The Old Navy division also has “gotten back on track,” Peck said.
“We feel the business is back to a place where it is gaining share,” he said at the event.
Shares of San Francisco-based Gap rose 1.5 percent, marking their first gain in more than a week. The company has been hammered by weak August results and a fire at its distribution center in Fishkill, New York. The stock remains down 3.7 percent for the year.
Carter’s also climbed after its CEO made upbeat remarks at the Goldman Sachs conference. Shares of the children’s apparel retailer jumped 3.8 percent to $97.19, their biggest one-day increase since February.
Other retailers also rallied on Wednesday. At shoe discounter DSW Inc., shares rose 3.8 percent to $25.06, their biggest gain since July. Sally Beauty Holdings Inc. gained 3.9 percent to $28.76, the most in more than a month.