American Eagle reported 2018 fourth quarter and full-year earnings results after market close on Wednesday.
In an earnings call shortly after the announcement, Gap CEO Art Peck said the company would close up to 50% of its specialty fleet over the next few years. Specialty stores are defined as any Gap store excluding its outlet and factory locations.
Peck said most of these closures will occur in the US and will leave the brand with"a smaller, but healthier specialty fleet." The Gap brand has struggled in recent years — same-store sales were down 5% in the fourth quarter of 2018 and overall for the year.
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