Gap sales drop; Vince struggles; Sears Hometown profit falls; Alibaba execs' loan
Here are some of the stocks the Yahoo Finance team will be watching for you today.
The Gap (GPS) The clothing retailer reports an overall 3% drop in sales during August...with sales at stores open at least a year down 2%.The company's namesake stores saw a decline of 8%...with its Banana Republic chain posting an 11% drop. However, the Old Navy brand once again was the retailer's shining star, with sales at those outlets up 6%. The Gap says the late date for Labor Day hurt August demand.
Vince Holding (VNCE) The high-end contemporary apparel company had bad misses for both earnings and revenue in the second quarter. Sales dropped 10.4%, with a big decline in wholesale orders and return customers. Vince is also cutting its full-year fiscal guidance.
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Sears Hometown and Outlet Stores (SHOS) The spinoff of Sears Holdings that sells appliances, hardware and lawn and garden equipment says its net profit in the second quarter fell 55%...but the company says sales trends are favorable and it's taking steps to cut costs.
Alibaba (BABA) Bloomberg is reporting Chairman Jack Ma and Vice Chairman Joe Tsai are taking out a $2 billion loan and using their stock holdings in the company as collateral. Bloomberg says a company spokesperson calls it prudent financial management, saying share financing is very common for founders and senior executives who hold such a strong belief in future growth. Yahoo (YHOO), parent of Yahoo Finance, holds about 15% stake in Alibaba that it is spinning off.
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