Gap announces big loss, declining sales and executive shakeup
Publishing timestamp: 2023-03-09 17:53:21
Summary
Gap reported disappointing holiday-quarter results and announced a series of executive changes as the struggling retailer continues to search for a permanent CEO. The company fell short of Wall Street's expectations on both top and bottom lines, with net losses of $273 million and sales of $4.24 billion, down 6% from the previous year. The company also issued a muted outlook for fiscal 2023, with plans to close 50 to 55 Gap and Banana Republic stores and open 30 to 35 Athleta and Old Navy stores. The company is eliminating its chief growth officer role and Athleta's CEO has left the company.
Sentiment: NEGATIVE
Tickers: GPS,
Keywords: business, retail industry, kanye, gap inc, breaking news: earnings, breaking news: business, business news, earnings,
Source: https://www.cnbc.com/2023/03/09/gap-gps-q4-earnings-2022.html