Gap Inc. Announces Old Navy Leadership Change
April 21 2022 - 04:15PM
Business Wire
Gap Inc. (NYSE: GPS) announced today that Old Navy President and
CEO Nancy Green is exiting the Old Navy business this week.
“We believe in the power and potential of the Old Navy brand and
the contribution it will have as we execute our Power Plan strategy
and drive value creation at Gap Inc.,” said Gap Inc. CEO Sonia
Syngal. “As we look to seize Old Navy’s potential, particularly
amidst the macro-economic dynamics facing our industry, we believe
now is the right time to bring in a new leader with the operational
rigor and creative vision to execute on the brand’s unique value
proposition. I want to thank Nancy Green for her decades of
leadership and passion for our brands and customers, as well as the
communities we serve.”
While an external search is underway, Gap Inc. Chief Executive
Officer Sonia Syngal will work closely with the Old Navy team,
which combines new perspectives with strong tenure, to lead through
this transition until a new Brand President is identified.
In light of the macro-economic dynamics as well as the execution
challenges at the Old Navy brand, the company is updating its first
quarter fiscal 2022 net sales growth guidance to approximately low
to mid-teens year-over-year declines from its prior guidance of mid
to high single digit year-over-year declines. The company has also
taken a more aggressive approach to assortment balancing resulting
in increased promotional levels primarily at Old Navy. The company
will be providing updated fiscal 2022 guidance when it reports
first quarter fiscal 2022 results on Thursday, May 26.
Forward-Looking Statements
This press release contains forward-looking statements within
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. All statements other than those that are purely
historical are forward-looking statements. Words such as “expect,”
“anticipate,” “believe,” “estimate,” “intend,” “plan,” “project,”
and similar expressions also identify forward-looking statements.
Forward-looking statements include statements regarding the
following: net sales in the first quarter of fiscal 2022 and
promotional levels in fiscal 2022. For information regarding risks
and uncertainties associated with our business and a discussion of
some of the factors that may cause actual results to differ
materially from the results expressed or implied by such
forward-looking statements, please refer to our SEC filings,
including the "Risk Factors" and "Management’s Discussion and
Analysis of Financial Condition and Results of Operations" sections
of our Annual Report on Form 10-K for the fiscal year ended January
29, 2022.
About Gap Inc.
Gap Inc., a collection of purpose-led lifestyle brands, is the
largest American specialty apparel company offering clothing,
accessories, and personal care products for men, women, and
children under the Old Navy, Gap, Banana Republic, and Athleta
brands. The company uses omni-channel capabilities to bridge the
digital world and physical stores to further enhance its shopping
experience. Gap Inc. is guided by its purpose, Inclusive, by
Design, and takes pride in creating products and experiences its
customers love while doing right by its employees, communities, and
planet. Gap Inc. products are available for purchase worldwide
through company-operated stores, franchise stores, and e-commerce
sites. Fiscal year 2021 net sales were $16.7 billion. For more
information, please visit www.gapinc.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220421006084/en/
Investor Relations Contact: Emily Gacka (415) 427-1972
Investor_relations@gap.com
Media Relations Contact: Summer Schiavone
Press@gap.com
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