Gap cuts sales guidance after disappointing Old Navy performance
Gap has lowered its sales guidance after Old Navy's performance fell short of expectations in the fiscal first quarter. While Old Navy's comparable sales grew only 1%, the company raised its earnings per share forecast due to favorable tax rates and interest income. CEO Richard Dickson noted that the weak sales were due to product assortment issues rather than broader consumer trends.
- ▪Old Navy's comparable sales grew 1%, below the expected 3%.
- ▪Gap cut its sales outlook, now expecting companywide sales growth of 1% to 2%.
- ▪The company raised its adjusted earnings per share guidance to between $2.30 and $2.40.
- ▪Gap's stock dropped nearly 10% in extended trading following the disappointing results.
- ▪Sales at Gap's namesake brand soared 10%, outperforming expectations.
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| Original publisher | CNBC — Business |
| Canonical URL | https://www.cnbc.com/2026/05/28/gap-gap-earnings-q1-2026.html |
| Publication time | Thu, 28 May 2026 20:21:42 GMT |
| Retrieval time | 2026-05-28T20:24:37.555Z |
| Last seen | 2026-05-28T20:24:37.555Z |
| Headline source | Publisher (no WeSearch rewrite) |
| Excerpt source | publisher body |
| Excerpt method | First ~120 words (~800 chars) of extracted publisher body, fair-use limited. |
| Summary | WeSearch · cerebras-chat (WeSearch summarizer) |
| Summary source text | contentText |
| Citation coverage | Summary is a WeSearch-generated derivative; primary citation is the original publisher URL. |
| Cluster | h5q_rRS2iFhu · 2 stories |
| Cluster logic | Grouped by semantic title/content similarity across sources within a rolling window. Same-publisher template collisions are excluded from coverage comparison. |
| Ranking reason | Story pages are not engagement-ranked. Hub feeds use recency, with optional source-diversified chronological ordering (cap consecutive stories per source). No personalized ranking. |
| Publisher visit | Yes — open original |
| Substitutes article? | No — link-out required for full text |
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| Indexing | May the item be indexed (stored, ranked, made findable)? | Allowed |
| Snippet | May a short excerpt of the publisher's text be shown? | Allowed |
| AI summary | May WeSearch generate its own short summary of the article? | Limited |
| Retrieval / RAG | May the content be exposed for third-party retrieval-augmented generation? | Not asserted |
| Model training | May the content be used to train AI models? | Not asserted |
| Commercial reuse | May the content be reused commercially? | Not permitted |
Basis: Derived from the published RSS/Atom feed. Contact: [email protected]. Reviewed: 2026-07-24.
Opening excerpt (first ~120 words) tap to expand
Sales at Gap's largest brand Old Navy fell short of expectations during its fiscal first quarter, leading the retailer to cut its sales guidance on Thursday.During the quarter, Old Navy's comparable sales grew 1%, while analysts expected them to grow 3%, according to StreetAccount. As a result, Gap cut its sales outlook and is now expecting companywide sales to grow between 1% and 2%, down from a prior range of between 2% and 3%. While Gap cut its sales outlook for the year, its profitability is another story. The company raised its guidance and is now expecting adjusted earnings per share to be between $2.30 and $2.40, compared with a prior range of between $2.20 and $2.35.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at CNBC — Business.
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