**Gap’s Sales Miss Estimates, Underscoring New CEO’s Challenges**.
Gap Inc. reported disappointing sales figures for the fourth quarter of 2023, falling short of analysts’ estimates and highlighting the challenges facing the company’s new CEO, Bob Martin..
**Key Financial Results**.
* Net sales decreased by 3% year-over-year to $4.3 billion, below the estimated $4.4 billion..
* Comparable sales declined by 2% across all brands, reflecting a 3% decrease at Old Navy and a 4% drop at Gap..
* Net income plunged by 76% to $117 million, or $0.14 per share, missing the consensus estimate of $0.23 per share..
**CEO Commentary**.
