The Gap, Inc.
|Company Name||The Gap, Inc.|
On May 20, 2022, The Wall Street Journal published an article stating that Old Navy’s inclusive, extended sizing had resulted in “too many extra-small and extra-large items and too few of the rest, a mismatch that frustrated customers and contributed to falling sales and a management shake-up.” The article also pointed out that Old Navy accounts for 54% of Gap’s sales and roughly 80% of the profits, and that Gap had warned that spring quarter sales would fall short of expectations because of troubles at Old Navy.
On this news, Gap’s stock fell $0.60, or 5.5%, to close at $10.33 per share on May 23, 2022, thereby injuring investors.
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