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Gap Inc., an American clothing and accessories retailer, announced its quarterly results on Thursday, March 9. Admitting it was a disappointing result, the company said it suffered big losses as its sales continued to decline.
Gap also revealed its executive shakeup as it is still looking for a permanent chief executive officer. Based on the survey of Refinitiv, the company’s fiscal fourth-quarter results showed a $.75 per share loss, and its revenue was only $4.24 billion when the expectation was $4.36 billion.
As per CNBC, the retailer reported net losses of $273 million for three months that ended Jan. 28. In the previous year, in the same period, its loss was only $16 million or $.04 per share. Its sales of $4.24 billion also dropped by six percent compared to a year earlier when it earned $4.53 billion.
Its online sales, which make up 41% of its total net sales, also showed a decline of about 10% compared to 2022’s record. Gap’s revenues also include earnings from other brands such as Athleta, Old Navy, and Banana Republic.
At any rate, during the recent earnings call with investors, the brand’s executive chairman and interim CEO, Bob Martin, mentioned the board has already narrowed down the nominees for Gap’s next chief. He added that the new CEO will be an external candidate.
Moreover, the retailer announced it is removing the chief growth officer position that was held by Asheesh Saksena. The removal of the role took effect on Thursday. It was further revealed that Mary Beth Laughton, chief of Athleta brand, also left the company this week.
“To enter fiscal 2023 in a more competitive position, we took quick and effective action to clear excess inventory, improve assortment balance, particularly at Old Navy, and to meaningfully optimize our cost structure, resulting in $550 million in annualized savings identified to date,” Bob Martin said in a press release. "The Board is getting close to choosing the next CEO for Gap Inc.”
He added, “As a result of the work we have underway to build a stronger foundation and restore the company’s creative muscle, we are optimistic that this will provide our new leader with a quicker ramp in driving consistent, profitable growth over the long term."
