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The closures follow what Gap Inc. called"a challenging year." During the last quarter, sales at all four clothing brands were down, and overall in-store sales were down 5 percent, O'Connell said.
for the quarter totaled a whopping $273 million, up considerably from $16 million reported the year prior, perIn light of this, the retailer is looking to cut $300 million in costs, primarily by letting those in management positions go. The chief growth officer role held byThe company also has leftover inventory at Old Navy—according to themostly of the surplus resulted from a failed initiative to make clothing sizes for all shoppers.
While the CFO conceded that there will be"fewer store openings," she added that the company is"planning to open 30 to 35 Old Navy and Athleta stores in total" this year. As with the closing stores, O'Connell didn't include details about when or where new locations will be opening.
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