Stock Market News

Gap Plunges After Cutting Sales Growth

2022.04.22 17:26

Gap Plunges After Cutting Sales Growth

By Sam Boughedda

Investing.com — Gap, Inc. (NYSE:GPS) plunged Friday after the company cut its sales growth outlook due to “macroeconomic dynamics.”

The company cut its fiscal 2022 net sales growth guidance to approximately low to mid-teens year-over-year declines from its prior guidance of mid-to-high single-digit year-over-year declines.

The company also announced that Old Navy President and CEO Nancy Green is exiting the Old Navy business this week.

Sonia Syngal, Chief Executive Officer of Gap, will work closely with the Old Navy team to lead it through the transition, the company said.

With rising inflation and supply chain troubles, Gap and Old Navy have been impacted. In addition, delayed shipments have meant, in some instances, that the amount of merchandise has been unable to meet consumer demand.

Gap stock fell more than 20% Friday.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 84,088.53 0.16%
ethereum
Ethereum (ETH) $ 1,935.80 1.74%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.35 1.40%
bnb
BNB (BNB) $ 625.92 3.59%
solana
Solana (SOL) $ 128.52 0.76%
usd-coin
USDC (USDC) $ 1.00 0.00%
cardano
Cardano (ADA) $ 0.723387 2.52%
dogecoin
Dogecoin (DOGE) $ 0.174953 2.00%
tron
TRON (TRX) $ 0.21952 2.09%
staked-ether
Lido Staked Ether (STETH) $ 1,933.89 1.70%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 83,935.49 0.17%
pi-network
Pi Network (PI) $ 1.34 4.50%
leo-token
LEO Token (LEO) $ 9.79 2.62%
chainlink
Chainlink (LINK) $ 13.97 2.37%
the-open-network
Toncoin (TON) $ 3.47 1.89%
stellar
Stellar (XLM) $ 0.274832 2.78%
usds
USDS (USDS) $ 0.999918 0.01%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,309.10 1.76%
hedera-hashgraph
Hedera (HBAR) $ 0.192723 2.81%
avalanche-2
Avalanche (AVAX) $ 18.74 0.29%
shiba-inu
Shiba Inu (SHIB) $ 0.000013 4.22%
sui
Sui (SUI) $ 2.33 2.79%
litecoin
Litecoin (LTC) $ 93.26 2.61%
mantra-dao
MANTRA (OM) $ 6.96 2.65%
bitcoin-cash
Bitcoin Cash (BCH) $ 341.40 1.58%
polkadot
Polkadot (DOT) $ 4.39 2.94%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
weth
WETH (WETH) $ 1,938.15 1.87%
bitget-token
Bitget Token (BGB) $ 4.44 1.42%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.997713 0.15%
hyperliquid
Hyperliquid (HYPE) $ 13.56 1.26%
whitebit
WhiteBIT Coin (WBT) $ 28.45 0.46%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,057.92 1.66%
monero
Monero (XMR) $ 211.67 0.05%
uniswap
Uniswap (UNI) $ 6.31 2.81%
susds
sUSDS (SUSDS) $ 1.04 0.02%
aptos
Aptos (APT) $ 5.40 3.80%
dai
Dai (DAI) $ 1.00 0.02%
near
NEAR Protocol (NEAR) $ 2.64 3.35%
okb
OKB (OKB) $ 50.73 3.46%
pepe
Pepe (PEPE) $ 0.000007 8.41%
internet-computer
Internet Computer (ICP) $ 5.95 5.45%
mantle
Mantle (MNT) $ 0.835535 1.18%
ondo-finance
Ondo (ONDO) $ 0.872486 5.29%
ethereum-classic
Ethereum Classic (ETC) $ 17.96 2.10%
gatechain-token
Gate (GT) $ 21.94 2.08%
tokenize-xchange
Tokenize Xchange (TKX) $ 32.91 10.14%
aave
Aave (AAVE) $ 174.11 3.80%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 84,100.53 0.13%