Old Navy CEO to exit as parent company Gap cuts sales guidance
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At an Old Navy Inc. shop in San Francisco, an employee gives a customer a shopping basket.
Getty Images| Bloomberg | Getty Images
Gap Inc.On Thursday, Nancy Green (CEO of the Old Navy division) announced her resignation.
Gap’s outlook for fiscal year 2022 net sales growth has been slashed due to Old Navy business execution issues. The company now projects a decline of low to mid teens compared to the previous year. This is based on a forecast which had predicted a decline in sales growth of single-digits to double.
Gap stated that it took a more aggressive approach to balance its Old Navy merchandise selection, which resulted is higher promotional levels.
Retailer said that it would provide updated fiscal outlook 2022 in quarterly reports on May 26.
Gap shares plunged more than 8 percent in extended trading following the release of news.
Gap has released the complete press release here.
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