UPDATE: Gap, Inc. (GPS) PT Lowered to $13 but Morgan Stanley Sees More Pain Ahead
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Gap (GPS) Stock Plunges After Cutting Outlook, Announcing Nancy Green Will Leave the Company, Analysts Disappointed
April 22, 2022 7:50 AM EDTGap (NYSE: GPS) announced the departure of Nancy Green, CEO of the companys Old Navy business. Green is set to step down from her role this week, while Gap CEO Sonia Syngal and the Old Navy team will work together to find Greens replacement.
Furthermore, the clothing retailer also lowered the net sales outlook for its Old Navy division in Q1 2022, with the company now expecting low-to mid-teens declines from the year-ago period, compared to the previous guidance that projected mid- to high-single-digit declines.
Greens unexpected exit from Gap... More
