Gap Inc.’s revenue fell short of expectations in the fourth quarter, highlighting the difficulties faced by the newly appointed CEO, Sonia Syngal..
**Financial Results**.
For the three months ended January 28, 2023, the company reported:.
* Net sales of $4.5 billion, a 6% decline from $4.78 billion in the same period last year..
* Comparable sales dropped 7%..
**Gap Brand Performance**.
The namesake brand, Gap, experienced a 10% comparable sales decline, reflecting ongoing challenges in attracting customers. The brand’s revenue decreased by 8% to $1.6 billion..
**Old Navy and Athleta**.
Old Navy, a key growth driver for Gap Inc., reported a 4% comparable sales decline, while Athleta’s comparable sales rose by 3%. However, Athleta’s revenue growth was offset by the declines in other brands..
**CEO’s Perspective**.
Syngal, who took the helm in March 2023, acknowledged the disappointing results and outlined her plans to address the challenges faced by the company..
