Gap closing 75 stores; Foot Locker falls on sales miss; Campbell Soup slides

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Gap (GPS) – The clothing retailer will close 75 of its Old Navy and Banana Republic stores in an effort to save $275 million annually. The announcement comes after Gap’s comparable-store sales declined 5% during its fiscal first quarter.

Foot Locker (FL) – The athletic retailer met forecasts on both the top and bottom lines, but sales at existing stores rose less than expected. Foot Locker reported earnings per share of $1.39 on revenue of $1.99 billion.

Campbell Soup (CPB) – The food company disappointed Wall Street after missing sales expectations. Sales fell to $1.87 billion from $1.9 billion, below Wall Street's forecast for flat revenue. Campbell Soup reported earnings per share of $0.59, versus $0.57 a year earlier.

Deere & Company (DE) – The world’s leading farming-equipment maker reported lower profits and sales for its second fiscal quarter as a drop in commodity prices weighed on results. Deere & Company reported adjusted earnings per share of $1.56 on revenue of $7.88 billion.

Applied Materials (AMAT) – The maker of chips used in phones and televisions reported that orders hit a 15-year high in its second-quarter results. Applied Materials also issued upbeat guidance.