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● TRACKER Updated 62d ago · 9 sources tracked

Old Navy chief out as sales falter again

Gap Inc. appointed Michael Francis as president and CEO of Old Navy to stabilize the brand after a bigger-than-expected drop in sales. Second-quarter fiscal 2026 net sales fell 2% to $3.65 billion, ending a 10-quarter streak of comparable sales growth. While the Gap brand achieved double-digit growth, Old Navy weakness forced the company to cut its sales outlook. Despite the revenue dip, Gap shares rose 9% following the leadership change and a raised profit forecast.

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  • ✓ Gap Inc. net sales fell 2% to $3.65 billion in the second quarter of fiscal 2026.
  • ✓ Gap shares increased 9% after the company named a new Old Navy CEO.
  • ✓ The company replaced the Old Navy CEO following a larger-than-expected decline in sales.
  • ✓ Gap Inc. reduced its sales outlook due to weakness at Old Navy.
🛡️ Source Corroboration: 9 independent reporting domains (90% confidence) ⏱ Read time: ~2 min

What changed

Gap Inc. appointed Michael Francis as Old Navy CEO and reported a 2% second-quarter sales decline.

Live updates

  1. Gap names Michael Francis as Old Navy CEO following sales slump

    Gap Inc. appointed Michael Francis as president and CEO of Old Navy to stabilize the brand after a bigger-than-expected drop in sales. Second-quarter fiscal 2026 net sales fell 2% to $3.65 billion, ending a 10-quarter streak of comparable sales growth. While the Gap brand achieved double-digit growth, Old Navy weakness forced the company to cut its sales outlook. Despite the revenue dip, Gap shares rose 9% following the leadership change and a raised profit forecast.

    Why it matters

    Old Navy is a critical component of Gap Inc.'s broader corporate turnaround strategy. The brand is currently restructuring its marketing approach following a decline in summer foot traffic.

    What is confirmed

    • Gap Inc. net sales fell 2% to $3.65 billion in the second quarter of fiscal 2026.
    • Gap shares increased 9% after the company named a new Old Navy CEO.
    • The company replaced the Old Navy CEO following a larger-than-expected decline in sales.
    • Gap Inc. reduced its sales outlook due to weakness at Old Navy.

    Still unconfirmed

    • Michael Francis is the new president and CEO of Old Navy.
    • The Gap brand posted double-digit growth in the second quarter.
    • Old Navy is rewiring its marketing strategy after a summer traffic bust.

    What to watch next

    • Quarterly reports showing the impact of Michael Francis's leadership on Old Navy sales
    • Updates on the new marketing strategy's effect on store traffic
    Sources used for this update (9)
    1. CNBC — Gap shares jump 9% after company names new Old Navy CEO to revive struggling brand
    2. Bloomberg — Gap Replaces Old Navy CEO After Bigger-Than-Expected Sales Drop
    3. WSJ — Gap Cuts Sales Outlook on Old Navy Weakness
    4. Retail Dive — Old Navy chief out as sales falter again
    5. Reuters — Gap climbs after leadership change at Old Navy, profit forecast raise
    6. WWD — Gap Inc. Sales Slip in Q2, Old Navy Has Change in Command
    7. The Business of Fashion — Gap’s Turnaround Now Hinges on Old Navy
    8. Marketing Dive — Old Navy is rewiring its marketing strategy after summer traffic bust
    9. ouispeakfashion.com — Gap Inc. Sales Fall 2% as Old Navy Prepares for Leadership Change
    confidence 90%
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