Gap (GAP) said Thursday that it will be splitting into two traded companies sometime in 2020, comprising Old Navy and another as-yet-unnamed corporation. “Following a comprehensive review by the Gap Inc. Board of Directors, it’s clear that Old Navy’s business model and customers have increasingly diverged from our specialty brands over time, and each company now requires a different strategy to thrive moving forward,” Gap Chairman Robert Fisher said in a statement. Old Navy currently operates more than 1,100 stores in its largest market of North America and Asia, and brought in $7.8 billion in sales last year, up from $7.3 billion in 2017. Shares of Gap opened higher by 18% on Friday.
Dell (DELL) topped Wall Street expectations for sales in its first quarterly report following its return to the public markets in December. Revenue for the fiscal fourth quarter was $24 billion on a non-GAAP basis, exceeding estimates of $23.83 billion. The company’s guidance for full-year 2020 revenue between $92.7 billion and $95.7 billion was roughly in-line with consensus estimates for $94.77 billion, according to Bloomberg data, although its guidance for adjusted earnings per share of between $6.05 and $6.70 were short of estimates of $6.74 cents. Shares of Dell opened higher by 4.6% on Friday.
AMC Entertainment (AMC, +14.11%) reported fourth-quarter revenue of $1.41 billion, slightly ahead of the $1.4 billion expected by analysts. Fourth-quarter adjusted EBITDA of $264.1 million also exceeded expectations of $237.5 million. CEO Adam Aron said in a call with investors that 2019 could be the first year ever that the company exceeds $12 billion in domestic box office revenue.
Autodesk (ADSK, -1.99%) reported fourth-quarter adjusted EPS of 46 cents on net revenue of $737 million, exceeding expectations of adjusted EPS of 42 cents and net sales of $706.5 million. The company sees first quarter adjusted EPS between 44 cents and 48 cents, below 58 cents seen among consensus analysts.
Foot Locker (FL, +5.95%) reported much stronger-than-expected comparative same-store sales growth of 9.7% for the fourth quarter, ahead of estimates of a 4.6% increase. Fourth-quarter adjusted EPS of $1.56 was ahead of expectations of $1.40, and revenue of $2.27 billion topped estimates of $2.19 billion.
Marriott International (MAR, -0.65%) reported quarterly revenue of $5.29 billion, below consensus expectations of $5.53 billion. Adjusted EPS for fourth-quarter was $1.44, 4 cents ahead of estimates. The company sees adjusted EBITDA in 2019 of $3.62 billion to $3.72 billion, below the $3.73 billion expected.
Nordstrom (JWN, -1.1%) reported fourth-quarter adjusted EPS of $1.48, or 6 cents ahead of expectations. Revenue of $4.48 billion, however, was softer than the $4.6 billion Wall Street expected. Comparable same-store sales growth also came in light for the fourth quarter, rising 0.1% versus 1.2% expected. The company sees full-year 2019 adjusted EPS of $3.65 to $3.90, with the midpoint above estimates of $3.67.
Workday (WDAY, -4.44%) beat expectations on the top and bottom lines for the fourth quarter, reporting adjusted EPS of 41 cents per share on revenue of $788.6 million. Consensus expectations were for adjusted EPS of 32 cents on revenue of $777.1 million. The company sees fiscal 2020 revenue of between $3.03 billion to $3.045 billion.
Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter: @emily_mcck
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