Historic winter storms weigh on Gap, Old Navy performance after 800 temporary store closures
CNBC
Gap has been on a steady upswing of growth but saw worse than expected results during its holiday quarter after historic winter storms led to store closures.
Historic winter storms and subsequent store closures weighed on Gap's performance during its holiday quarter and contributed to worse-than-expected results at its portfolio of brands, the retailer said Thursday.
Cold weather, snow and ice throughout much of the U.S. in January led to about 800 temporary store closures at the storms' peak, contributing to a miss on comparable sales for Old Navy and mixed companywide results, the retailer said.
"Old Navy and all the brands were actually trending better heading into that weather disruption," said finance chief Katrina O'Connell. "The good news is the trends recovered immediately after those storms passed."
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Gap has been on a steady upswing of growth but saw worse than expected results during its holiday quarter after historic winter storms led to store closures.
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