Gap, Inc.

NYSE:GPS   3:59:52 PM EDT
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Other Pre-Announcement

Gap Inc CEO - Majority Of Guidance Cut Stems From Old Navy Challenges

Published: 05/26/2022 22:49 GMT
Gap, Inc. (GPS) - Gap Inc CEO - Majority of Guidance Cut Stems From Old Navy, Primarily Assortment Imbalances and Lower-than-anticipated Demand in Key Categories - Conf.
Gap Inc CEO - Expect Issues at Old Navy Are Negatively Impacting Fiscal 2022 Diluted EPS by About $0.90 to $1 - Conf Call.
Gap Inc CEO - Expect Issues at Old Navy to Largely Resolve by End of the Fiscal Year.
Gap Inc CEO - Old Navy, Gap North America Brands Were Most Exposed to Rising Inflationary Environment Impacting Lower-income Customer.
Gap Inc CEO - in Asia, We Are Anticipating That Demand Environment Remains Muted.
Gap Inc CEO - Old Navy's Women's Assortment and Inventory Mix Continues to Be Out of Sync With the Change in Consumer Category Preference.
Gap Inc CEO - "we Were Defining Customer Trends Too Early in the Process, and Were Unable to Chase Into the Right Fashion Choices Closer In".
Gap Inc CEO - Excess Inventory and Less Relevant Styles Will Pressure Sales in the Short Term.
Gap Inc CEO - We Overestimated Demand in Old Navy Stores and "launched Too Broadly and Too Quickly".
Gap Inc CEO - "while Trends in May Have Improved, We Are Taking a More Conservative View As It Relates to the Lower-income Consumer".
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