TRANSCRIPT: You’re now at Stock to Watch as we go to break. Shares in the company Gap are, let’s see, down 4% in after hours trading. The company just announcing CEO Sonia Syngal is stepping down from her position from the company’s board. She’ll be replaced on an interim basis by current Executive Chairman Bob Martin.
The company is also naming a CEO of the Old Navy division. Horacio Barbeito is joining WalMart where he now serves as president and CEO of Walmart Canada.
Gap sales in the second quarter: Net sales down about high single-digit range, relatively in line with its prior expectations. Now sees Q2 adjusted operating margin percentage zero negative.