Earnings

Gap stock slides 18% after cutting sales guidance; CEO of Old Navy division to leave

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An employee hands a customer a shopping bag at an Old Navy Inc. store in San Francisco.

David Paul Morris | Bloomberg | Getty Images

Gap Inc. shares slid more than 18% Friday after the company slashed its sales outlook for the first quarter of fiscal 2022, citing what it called “execution challenges” its Old Navy business, and announced the CEO of that division, Nancy Green, will leave her post this week.

Gap is now projecting low- to mid-teens declines compared with the prior year, adjusted from an earlier forecast that called for mid- to high-single-digit declines.

Chief Executive Sonia Syngal will work closely with the Old Navy team as it searches externally for Green’s successor, the…



Source cnbc.com

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