**Gap’s Sales Fall Short of Expectations, Posing Challenges for New CEO**.
**New York – February 28, 2023** – Gap Inc. (NYSE: GPS), a leading global apparel retailer, has reported fourth-quarter sales that missed analyst estimates, underscoring the challenges facing the company’s new CEO, Sonia Syngal..
**Key Financial Highlights**.
* Net sales for the fourth quarter ended January 28, 2023, decreased 5% to $4.3 billion, compared to $4.5 billion in the same period last year..
* Comparable sales, a key metric for retailers, declined 3% year-over-year..
* Net income plunged 70% to $92 million, or $0.10 per diluted share, from $310 million, or $0.35 per diluted share, in the fourth quarter of 2022..
**Market Reactions and Analyst Commentary**.
Gap’s disappointing sales performance sent its shares down nearly 7% in premarket trading. Analysts expressed concerns about the company’s ability to navigate a challenging retail environment and turn around its struggling Gap brand..
