Gap Inc. (GPS) Shakes Up Executives, But Sales Are Still Decreasing

Gap Inc. (GPS) announced an executive shakeup resulting in $300M in annual savings. Zach Warring discusses GPS as CFRA lowered its rating to sell from strong sell with a $5 price target. He talks about GPS's Q4 sales by brand including Old Navy with $2.2B, Gap at $1.1B, and Banana Republic with $578M, and Athleta came in at $436M. He notes that GPS sees FY23 sales down in low to mid-single digit range and guidance for 1Q sales decreasing in mid-single digit range year-over-year. He then goes over the investing outlook for clothing retailers. Tune in to find out more about the stock market today.