When you hit rock bottom, the only way to go is up. Except you don't always know when you've hit that level and, in retail, you can also go bankrupt.
Gap (NYSE: GPS) has been struggling for a few years, but even its Old Navy brand, which has been carrying the company, saw decreasing comps for the first time in the 2019 third-quarter report released back in November. That meant decreasing comps in every brand (activewear brand Athleta's comps weren't disclosed) and brought Gap into crisis mode. Longtime CEO Art Peck's departure at that time just added to the overall worries.
However, fourth-quarter results released last week were better than the third quarter and no worse year over year. Prior to the release, interim CEO Bob Fisher announced Sonia Syngal, CEO of Old Navy, as the new company leader along with a slew of new executives. It's hoped that the non-disastrous report and new leadership are the opening paragraphs in the next chapter in the company's story.
Source Fool.com