Void Inc. reported a much larger loss in the fourth quarter than a year ago and announced that it had laid off a number of senior executives. writes about it www.
In the quarter ended Jan. 28, Gap lost $273 million, compared to a loss of $16 million in the same period last year. Net sales of $4.24 billion were down 6% year over year. In-store sales fell 3%, while online sales fell 10%.
Senior executives, Chief Development Officer Ashish Saxena, and Gap President and CEO Mary Beth Loughton have left the brand. The company said its human resources manager, Sheila Peters, will also leave her position at the end of the year.
The news caused Gap shares to drop 4.9%.
To enter Finance 2023 in a more competitive position, we took swift and effective steps to clean up excess inventory, improve product mix, and significantly streamline our cost structure, particularly at Old Navy, resulting in $550 million in annual savings. Bob Martin, Chairman of the Board of Directors and Interim CEO of Gap Inc., said in your statement.
Formerly socialbites.ca knowledgeablethat Gap has created a collection inspired by the African-American protest culture of the 60s.