{"id":19507,"date":"2022-05-27T08:24:35","date_gmt":"2022-05-27T15:24:35","guid":{"rendered":"https:\/\/marketdepth.com\/?p=19507"},"modified":"2022-05-27T08:24:37","modified_gmt":"2022-05-27T15:24:37","slug":"gap-inc-cut-full-year-guidance-after-reporting-first-quarter-sales","status":"publish","type":"post","link":"https:\/\/marketdepth.com\/gap-inc-cut-full-year-guidance-after-reporting-first-quarter-sales\/","title":{"rendered":"Gap Inc Cut Full Year Guidance After Reporting First Quarter Sales"},"content":{"rendered":"\n

Gap Inc (NYSE: GPS)<\/strong> cut its profit guidance for the full year on Tuesday after reporting a fall in first-quarter sales. The sales results were primarily determined by its Old Navy business. Gap shares tumbled almost 20% during after hours trading amid the news.<\/p>\n\n\n\n

Multiple Issues Contributed to Poor Performance<\/h5>\n\n\n\n

Following the ongoing supply chain delays and a rise in promotions, Old Navy\u2019s performance faltered throughout the quarter. Consumers are starting to feel the pressure as inflation continues to rise, according to Chief Executive Officer Sonia Syngal. Furthermore, Syngal revealed that shoppers are moving away from active wear, the company\u2019s strong suit, to more office clothes and going out pieces such as party dresses.<\/p>\n\n\n\n

\u201cWe\u2019re dealing with really volatile consumer signals \u2014 whether it was last year in Covid, or this year\u2019s post-Covid behaviors. Over time, we\u2019ll see customer preference for product types balanced out.\u201d<\/p>Chief Executive Officer, Sonia Syngal<\/cite><\/blockquote>\n\n\n\n

Gap now foresees fiscal 2022 per-share profit to be between USD0.30 and USD0.60 on an adjusted basis, in comparison to the previous estimate of USD1.85 to USD2.05.<\/p>\n\n\n\n

“At the end of the day, the company needs to re-elevate its brand perception, willing to sell less and charge more, which is much easier said than done,”<\/p>BMO Capital markets Analyst Simeon Siegel<\/cite><\/blockquote>\n","protected":false},"excerpt":{"rendered":"Gap Inc (NYSE: GPS) cut its profit guidance for the full year on Tuesday after reporting a fall in first-quarter sales. The sales results were primarily determined by its Old Navy business. Gap shares tumbled almost 20% during after hours trading amid the news. Multiple Issues Contributed to Poor Performance Following the ongoing supply chain… View Article<\/a>","protected":false},"author":3,"featured_media":17983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":0,"footnotes":""},"categories":[10,31,17,16],"tags":[],"acf":[],"yoast_head":"\nGap Inc Cut Full Year Guidance After Reporting First Quarter Sales - MarketDepth<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/marketdepth.com\/gap-inc-cut-full-year-guidance-after-reporting-first-quarter-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gap Inc Cut Full Year Guidance After Reporting First Quarter Sales - MarketDepth\" \/>\n<meta property=\"og:description\" content=\"Gap Inc (NYSE: GPS) cut its profit guidance for the full year on Tuesday after reporting a fall in first-quarter sales. 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