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Gap Inc.'s (NYSE:GPS) shares surged in after-hours trading as the company announced it longer plans to make Old Navy a separate standalone company.
What Happened
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"The plan to separate was rooted in our commitment to value creation from our portfolio of iconic brands," Gap's CEO Robert Fisher, said in a statement.
"While the objectives of the separation remain relevant, our board of directors has concluded that the cost and complexity of splitting into two companies, combined with softer business performance, limited our ability to create appropriate value from separation," Fisher added.
Gap also updated its guidance for 2019, saying that it now expects the earnings per share to be "moderately above" its previous suggested range of $1.70 to $1.75.
The company is set to announce its results for the fourth quarter and the overall year after markets close on February 27.
Old Navy, a budget brand and major source of revenue for Gap, has been posting negative numbers for the last few quarters, as it faces increased competition from Target Corporation (NYSE:TGT).
Price Action
Gap's shares closed 3.85% higher at $18.61 on Thursday. The shares reached as high as $20.60 in after-hours trading in the evening, but have since dropped to $19.64 at press time.
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