Gap Slumps After Cutting Sales Outlook; Old Navy CEO Exits
- Old Navy represents apparel company’s most important business
- Discount brand has experienced ‘execution challenges’
Photographer: David Paul Morris/Bloomberg
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Gap Inc. plummeted after announcing trouble at Old Navy -- the brand that generates half of its sales and is seen as the apparel giant’s growth generator going forward.
Nancy Green, who joined Old Navy in 2019 after having run Athleta, is leaving this week, Gap said. An external search is under way for her replacement. The retailer also trimmed its sales projection for the first quarter of its current fiscal year.