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GameStop Q2 profit and sales surge

BY Marianne Wilson

Grapevine, Texas — GameStop Corp. on Thursday reported a second-quarter profit of $24.6 million, up from $10.5 million in the year ago period.

Revenue rose 25% to a better-than-expected $1.73 billion, helped by new game releases as well as solid sales of gaming hardware.

“The second quarter demonstrates the power of the new console cycle and all of our business units, including Technology Brands, positively contributing to the company’s sales and profits,” stated Rob Lloyd, CFO. “The back half of the year is filled with exciting games and products coming to market and I am confident that we are prepared to capitalize on these opportunities.”

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Gap Q2 profit tops estimates; raises forecast

BY Marianne Wilson

San Francisco — Gap Inc. posted a better-than-expected quarterly profit and sales and raised its full-year profit forecast, helped by strong sales at Old Navy.

Net profit rose to $332 million in the second quarter ended Aug. 2, from $303 million a year ago.

Revenue increased 3% to $3.98 billion. Online net sales increased 11% to $515 million, on top of last year’s 27% increase. The company noted it continues to advance its successful omnichannel platform with the expansion of its reserve in store service to all U.S. Gap stores. The company also launched its order in store pilot, with plans to roll out the service to select U.S. Gap, Banana Republic, Old Navy and Athleta stores later this year.

Same-store sales were flat.

Also on Thursday, Gap said it planned to introduce its namesake brand in India through 40 franchise-operated stores. The retailer is partnering with Arvind Lifestyle Brand Limited, a subsidiary of Arvind Limited, which is one of India’s largest textile companies.

“India is an emerging, vibrant market and an important next step in our global expansion strategy,” said Steve Sunnucks, global president of Gap.

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UPS confirms malware breach at 51 stores

BY Marianne Wilson

New York — UPS Stores, a subsidiary of United Parcel Service, said that a security breach may have led to the theft of customer credit and debit data at 51 UPS stores in the United States.

In a statement, the company said that customers who had used their debit or credit cards at affected locations (which are listed on the UPS site) from Jan. 20 to Aug. 11 may have been exposed to the malware. However, the company noted, exposure began after March 26 in most cases.

The malware was eliminated as of Aug. 11, UPS said.

“I understand this type of incident can be disruptive and cause frustration. I apologize for any anxiety this may have caused our customers. At The UPS Store, the trust of our customers is of utmost importance,” stated Tim Davis, president of The UPS Store, in a statement.

David said that as soon as the company became aware of the potential malware intrusion, it deployed extensive resources to quickly address and eliminate the problem.

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