Old Navy cuts first-quarter outlook as CEO Nancy Green exits
Gap Inc. said that an external search is underway. In the interim, chief executive officer Sonia Syngal will work closely with the Old Navy team to lead the transition.
As part of the announcement, Old Navy also said it is cutting down its first quarter fiscal 2022 net sales growth guidance. The brand is now expecting approximately low to mid-teens year-over-year declines from its prior guidance of mid to high single digit year-over-year declines.
“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 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.”
Previously, Old Navy has been a strong growth driver for the overall portfolio of Gap Inc.
The company will be providing updated fiscal 2022 guidance when it reports first quarter fiscal 2022 results on Thursday, May 26.
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