Gap Inc. reported a wider-than-expected loss in its fiscal first quarter, underscoring the challenges facing its new CEO, Sonia Syngal, as she tries to turn around the struggling retailer..
Net sales for the three months ended May 4 fell 5% to $3.48 billion, missing analysts’ estimates of $3.55 billion, according to Refinitiv data. Comparable sales declined 7% during the period..
The company reported a net loss of $162 million, or 46 cents per share, compared with a profit of $21 million, or 6 cents per share, a year earlier. On an adjusted basis, Gap lost 48 cents per share, worse than the 43 cents loss per share that analysts had expected..
Syngal, who took over as CEO in February, has been tasked with reviving Gap’s fortunes after years of declining sales and profits. The company has been struggling to keep up with changing consumer tastes and competition from fast-fashion retailers like H&M and Zara..
In a statement, Syngal said that the company is .
