**Gap’s Sales Fall Short of Estimates, Underscoring New CEO’s Challenge**.
**New York, United States -** Gap Inc. missed Wall Street’s expectations for quarterly sales on Thursday, underscoring the challenges facing new CEO Sonia Syngal as she attempts to revive the struggling retailer..
**Key Highlights:**.
* **Sales:** Comparable sales decreased by 3% in the fiscal third quarter ended November 2, 2023, missing analysts’ estimates..
* **Revenue:** Total revenue declined by 6% year-over-year to $4.3 billion..
* **Net Loss:** Gap reported a net loss of $162 million, or 49 cents per share, compared to a net income of $256 million, or 76 cents per share, in the same period last year..
* **Online Sales:** Online sales grew by 8%, but were not enough to offset declines in brick-and-mortar stores..
**CEO’s Statement:**.
In a statement, Syngal acknowledged the challenging retail environment but remained optimistic about the company’s future. .
