Gap Inc. reported second-quarter comparable sales and revenue that missed the average analyst estimate, underscoring ongoing weakness at the retailer’s four brands.
The results come three days into Chief Executive Officer Richard Dickson’s tenure, who joined the company from Mattel Inc. after his success with the Barbie franchise. While Dickson has yet to lay out a vision for the future of Gap, he’s expected to bring stability to a company that has faced leadership upheaval in recent years amid prolonged weakness.
Inventories fell 29% from a year ago, suggesting that Gap continues to make improvements to its assortment after facing an inventory pileup last year. Athleta, which in recent years had supported the company’s growth, faced “product acceptance challenges,” Gap said in its statement, adding it has taken actions to improve performance. The brand appointed Chris Blakeslee, a former executive at the buzzy activewear company Alo Yoga, as its CEO last month.
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