Shares of Gap Inc. fell after hours on Thursday after the clothing retailer forecast falling sales and said it was cut executive and management position.
Shares of Gap Inc. fell after hours Thursday after the clothing retailer forecast falling sales and said it would cut executive and management positions, as it tries to slash costs following last year’s upheaval in apparel demand.
Executives said they had eliminated the role of chief growth officer, held by Asheesh Saksena. Sheila Peters, chief people officer at Gap, will also depart at the end of the year. Gap — which along with Athleta also owns Old Navy and Banana Republic — said first-quarter sales could fall “in the mid-single-digit range” compared to the same quarter last year. For the full year, they said sales could also fall “in the low- to mid-single-digit range.” Analysts polled by FactSet expected sales to grow for the full year.
Revenue fell 6% to $4.24 billion, compared with $4.53 billion in the same quarter a year ago. Same-store sales fell 5%.
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