Gap Inc. missed analysts’ sales estimates for the first quarter of fiscal 2023, highlighting the challenges facing its new CEO, Sonia Syngal..
**Revenue Decline**.
The company reported a 13% decline in net sales to $3.48 billion for the quarter ended May 1, compared to $4.00 billion in the same period last year..
**Same-Store Sales Slump**.
Same-store sales, a key metric for retailers, fell by 10% at Gap brand stores and 5% at Old Navy stores. Banana Republic reported a modest 2% increase in same-store sales..
**CEO’s Perspective**.
Sonia Syngal, who took over as CEO in March, acknowledged the disappointing results and outlined her plans to address them. She said the company is .
