Gap is making changes in its C-Suite amid poor Q4 results.
Online sales were down 10% YoY as the company struggled with a lack of interest in its products.
Gap reported revenue of $4.24B for quarter four, falling short of the expected $4.36B.
- The company's loss per share of 75 cents came in higher than the 46 cents expected by analysts.
- Online sales, which represent 41% of total net sales, were down 10% YoY.
- Gap announced that it had eliminated the chief growth officer role held by Asheesh Saksena, who will leave the company in March.
- The company plans to shut down up to 55 Gap and Banana Republic stores in 2023 and open up to 35 Athleta and Old Navy outlets.
