Gap Names Michael Francis Old Navy CEO After Steeper Sales Drop
Gap Inc. shakes up Old Navy leadership and raises its profit forecast, sending shares up as much as 14%.
What to know
- Old Navy's comparable sales fell more than analysts expected, prompting an immediate CEO change.
- Michael Francis was named the new Old Navy CEO to lead a turnaround of the struggling brand.
- Gap Inc.'s overall quarterly profit beat estimates and the company raised its full-year profit forecast, citing strength at the namesake Gap brand.
- Gap shares jumped between 12% and 14% following the announcements.
Michael Francis New Old Navy CEOGap Inc. Parent company of Old Navy, Gap, Banana Republic and Athleta
The record 16 articles and posts · last 30 days
- summary covers to here · Aug 27, 7:10 PM · 4 pieces above arrived after
What people are saying 7 voices from 1 site · verbatim
- Aug 30
-
For like $5 a shirt, Old Navy is alright. Some get worn dozens of times. Others, zero. Effectively makes the price of a shirt $10, still better than most lol. Decent, comfortable stuff without giant logos plastered on them.
- Aug 29
-
I’m a thick waisted white body with 62” shoulders. I have never bought anything at the Gap.
- Aug 28
-
On the London Underground they always warn us to mind the gap. Now I am starting to think they mean the retailer.
- Aug 27
-
I love their cotton tshirts, the super soft material for some reason is resistant to cat hair even for black shirts. Reminds me of Uniqlo supima minus the two size shrinkage that Uniqlo supima has. Of course there is no giant logo in the front either so nobody sees I'm wearing old navy but in turn I fucking praise these shirts to others for free…
-
Old Navy has not made any specific business actions that can directly boost its stock price recently. The rise in stock price is a decisive personnel adjustment taken by the capital market to save Gap Group from this troubled core brand, as well as a positive vote on the overall stable financial performance of the group
-
The clothing quality in Old Navy was deplorable. The clothes aren’t even normal fabrics and construction anymore.
-
Old Nacy sales fell 4%, revenue missed, and the EPS beat was helped by tariff refunds, yet GAP is up 12%. The market is betting on the turnaround, not the quarter