1430 ET - With tariffs posing a threat to profits, CEO Richard Dickson says Gap plans to continue diversifying its sourcing footprint. China used to be one of Gap's top sourcing partners, but represented less than 10% of its sourcing in 2024, a share that's expected to come down to 3% exiting this year, he says during the company's earnings call. Gap aims for no country to account for more than 25% of its sourcing by the end of 2026, and plans to invest more in nearby countries and domestically, with aims to double its vendor sourcing of American-grown cotton next year, he says. "Investing in the U.S. is an important priority for our business," he says.(kelly.cloonan@wsj.com)
(END) Dow Jones Newswires
May 30, 2025 14:30 ET (18:30 GMT)
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