Why Gap Stock Was Down This Week
Week to date, shares of Gap (NYSE: GPS) were down 8% through Thursday's close, according to data provided by S&P Global Market Intelligence. That drop added to a tough period for shareholders, with the retailer's stock declining 11% so far in 2023.
This week's slump came as Wall Street continued to digest news of falling sales and an impending management shake-up.
Gap revealed on March 9 that sales trends took a step lower in late 2022. Comparable-store sales fell 5% in the fourth quarter, in fact, as the company swung to an operating loss. That revenue result met management's expectations, but Wall Street wasn't thrilled to see Gap generate a $69 million operating loss for the past year compared to an $810 million gain in 2021.
Source Fool.com
