The header of the press release refers to a "solid performance" and a "culture of success". Consolidated sales fell by 7% and like-for-like sales by 2%. Share price jumps 30%. That doesn't make sense...

Two of the Group's four brands - Old Navy, Gap, Banana Republic and Athleta - post double-digit declines. Gap is closing a series of stores and has announced that it expects a decline in sales this year.

The group's sales have been stagnating for ten years, while its margins have been in constant contraction. Over the same period, Gap has gone from a net cash position to a high level of debt.

The latter is the result of sustained share buy-backs, carried out at much higher valuation levels than today. For the time being, the destruction of value is pronounced.

Members of the management team and one of the heirs to the Fisher family - which controls the group - are aggressively focused on selling. It's true that resurrections are rare in the ruthless world of fast fashion.