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1. Shard Calculation

Query:

Response:

Calculated Shard: 192 (from laksa025)

2. Crawled Status Check

Query:

curl -X POST \
  'http://laksa192.int.ahrefs:8124/' \
  -H 'Content-Type: text/plain' \
  -H 'X-ClickHouse-Database: crawler3' \
  -H 'Authorization: Basic YXBpOg==' \
  -d 'SELECT getAhrefsURLFromUnparsed(src_unparsed) AS found_url, ifNull(toUnixTimestamp(download_stamp), 0) AS crawl_time, ifNull(toUnixTimestamp(props_url_first_seen), 0) AS first_indexed_time, download_http_code AS http_code, src_unparsed AS src_unparsed, src_root_hash AS src_root_hash, history_drop_reason AS history_drop_reason, meta_title AS meta_title, meta_descriptions AS meta_descriptions, attrs_boilerpipe_text AS attrs_boilerpipe_text, attrs_markdown AS attrs_markdown, attrs_readable_markdown AS attrs_readable_markdown, meta_canonical AS meta_canonical FROM crawler3.page_info_local FINAL PREWHERE (src_root_hash, src_unparsed) IN ((getAhrefsRootHashFromUnparsed(getAhrefsUnparsedNoserviceFromURL(\'https://finance.yahoo.com/video/gap-stock-drops-old-navy-153228602.html\')), getAhrefsUnparsedNoserviceFromURL(\'https://finance.yahoo.com/video/gap-stock-drops-old-navy-153228602.html\'))) FORMAT JSONEachRow'

Response:

{"found_url":"https:\/\/finance.yahoo.com\/video\/gap-stock-drops-old-navy-153228602.html","crawl_time":1772982124,"first_indexed_time":0,"http_code":200,"src_unparsed":"com,yahoo!finance,\/video\/gap-stock-drops-old-navy-153228602.html s443","src_root_hash":"3401813433841292792","history_drop_reason":null,"meta_title":"Gap stock drops on Old Navy, Athleta sales. CEO talks Q4 earnings","meta_descriptions":["Gap Inc. (GAP) — the parent company of a wide umbrella of retail chains that includes the Gap and Banana Republic — shares are falling Friday morning after the clothing giant missed fourth quarter earnings estimates, reporting disappointing sales figures from Athleta and Old Navy. GAP Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor Brian Sozzi for a discussion on Gap's second year of across-the-board growth, capex spending and investments into the company's brands, and its executions on promotions. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts."],"attrs_boilerpipe_text":"Gap Inc. (\nGAP\n) — the parent company of a wide umbrella of retail chains that includes the Gap and Banana Republic — shares are falling Friday morning after the clothing giant missed fourth quarter earnings estimates, reporting disappointing sales figures from Athleta and Old Navy.\nGAP Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor\nBrian Sozzi\nfor a discussion on Gap's second year of across-the-board growth, capex spending and investments into the company's brands, and its executions on promotions.\nTo watch more expert insights and analysis on the latest market action, check out more\nMarket Catalysts\n.\n00:00\nSpeaker A\nHey Richard, good to see you. Um, look, it's been a week at the ranch. It's been a tough day for the markets. I think we need some uh positive uplifting news here at least going into the week. And let's to that end, let's start on GAAP. Nine straight quarters of positive sales at the GAAP. I put this po post out last night on my ex account calling this turnaround at GAAP stunning. And now I'm hearing you saying you were going back into growth mode with that uh with this division. What does growth mode look like at the Gap brand in particular this year?\n00:46\nSpeaker B\nAll right, Brian, thank you. I'm all in on good news. Uh, we did deliver a successful fourth quarter, um, and that's marking another year of really meaningful progress for Gaap Inc, which you know, you've been watching the past couple of years. We achieved our second consecutive year of top line growth, uh, and eighth consecutive quarter of positive comparable sales. Uh, we noted, you know, the comps were up 3% in the quarter, meeting our expectations, Old Navy up 3% as well, you know, largest, uh, specialty apparel brand in the US. Gaap up 7%. Um, that's on top of 7% last year also. Banana Republic, third quarter in a row of positive comps up 4%. So we're winning across all income cohorts. Also important to note, this was one of our highest gross margin years in the last 25 years. Uh, we've improved our balance sheet. We're ending with $3 billion in cash. So this is a progress uh point for us and a pivotal point in our transformation. I do want to double click on the brand GAAP. Um, as you said, it is so exciting to see our namesake brand building on success, literally quarter after quarter. Uh, the fourth quarter marked the brand's ninth consecutive quarter of positive comps. Uh, we've been consistently gaining market share. It's through great product assortments, great marketing and in-store execution. Team has done a brilliant job, literally driving a multi-generational appeal. Um, and ultimately, you know, we're watching all income cohorts, uh appeal to GAAP. More high income consumers are choosing GAAP, categories, fleece, logo, denim, sleepwear, all doing incredibly well. So we can be, you know, uh very confident in saying that GAAP is firmly back in the cultural conversation. It's a true pop culture brand, product resonance uh from red carpets to surprising collaborations and I can guarantee you a lot more exciting moments to come in 26.\n02:37\nSpeaker A\nIf you, if, if I was sitting here 15 years ago saying I'm going to be talking to the CEO of Gap and they're going to be putting more capex behind the Gap brand. I'd be like, well, you know, I don't know about all that. But Richard, you are. This year you teased a new store uh format for Gap. What does that store look like? Um because you also also teased uh a bigger push into accessories finally and a bigger push into beauty. Like these are your three big growth levers for gap this year. Like how does that impact the business and when do all these things hit?\n03:13\nSpeaker B\nYeah. Well, first, first, let's talk about beauty because I think, you know, in the context of what we shared, uh, in relation to our strategies of extending our brands. First, we're gonna drive continuous improvement on our core apparel business. So the the recognition that we've got a good flywheel going, better product, better storytelling, better in store execution, that will continue. And then we're extending our brand into accelerators such as beauty, accessories and we mentioned fashtainment. Beauty is one of the fastest growing, uh most resilient retail categories in the US and our customer insights are reinforcing strong demand for the category. Now, when you look at other fashion and apparel retailers that have a beauty business, the category represents anywhere from 5% at a low to 20% of their sales. And when you think about those percentages against our base business, it really does highlight the meaningful potential that this category can represent within our business over time. Um it's also, I think important to note we, we do have a beauty business. It's just underdeveloped. And based on our feedback from consumers, we know the potential of this category is enormous. So we announced plans for our expansion in 2025. We've got a phased introduction of this, starting with Old Navy, you're gonna see Gaap relaunching its fragrance later this year and we'll continue to build this category out along with accessories, fashtainment, and as you mentioned, you know, new store rollouts. We renovated and have some remodels that we've been testing over the last couple of years, uh Flat iron in New York City, Chestnut here, uh in our hometown in San Francisco and some other areas. These stores are outperforming our existing fleet giving us the confidence so we can start to really accelerate, uh these new store remodels, reformats and even new doors in the coming future. So a great position for us to be in and one that we believe is a pivotal point in our transformation.\n05:20\nSpeaker A\nRichard you mentioned on the call last night, 150 million in cost savings this year. Uh and look, I said at the top of the show that I think A I is really starting to impact um many jobs in this country. Of course, saw that news from Block. Like out of these savings, how much does it reflect uh the company leaning in on, on A I and rethinking its workflows?\n06:01\nSpeaker B\nour our uh capital to go after the accelerants and ultimately reinvest in the core of our business and technology is a key part of that. I mean, we do pride ourselves on being a human centered digitally enabled company. Um, and our A A I investment approach is is very disciplined. Um, with this foundation in place in the context of our office of A I, we we're really focused on three strategic layers. The first is reinvent. Uh, A I is helping us create new tools, new ways of working. Um, it's changing literally how we design products. Uh, the second one is optimization, enhancing existing systems and experiences uh with real time insights. This is impacting how we plan our business, uh even how we price our product. And the third is enable, empowering every member of our team with A I tools and the training to move faster and ultimately think bigger. So we're focused on areas where we believe A I can meaningfully reduce customer friction, uh increase predictability across product to market and ultimately unlock enterprise productivity. Um, there's lots more that we could share in the context of what we're doing. We live, our headquarters are in the Bay area. Uh, so we continue to work with our neighbors modernizing our organization, partnerships with Google Cloud, many exciting opportunities to drive innovation across our business and we'll obviously we'll keep you updated on all of that as things move forward.\n07:42\nSpeaker A\nRichard, of course, um, you and I, we can't control the stock market. We can't control what's happening over there in the Middle East. But what you can control as the CEO of Gap is what you sell your products for. Now, how concerned are you this spring is going to be really a a spring selling season for GAAP and retail of of discounts because consumers are more pressured, their their gas prices are higher, their their bills and other areas are higher because of what's happening in the Middle East. Like what levers are you prepared to fill?\n08:21\nSpeaker B\nWell, look, we we're always living in a competitive environment and it's our job to offer the best product, best price, best quality to break through if you will from the competition and grow our business and we have been. Obviously, I mentioned two years of consecutive comps, it's also been market share growth, which really indicates that we are winning in the competitive landscape. Now, as you know, uh it is a promotional and highly competitive landscape, um and promotion level is very much dependent on the competitive environment that we're operating in. It's our job to deliver on our customers needs and wants. Our top priority is to execute the product and marketing to drive interest and demand. Um in the fourth quarter, we were actually less promotional year over year and we drove greater impact and excitement. It's a strong proof point uh of the strength of our brands and our marketing effectiveness. So as we move into 2026, of course, we'll continue to be strategic about our use of promotions. Uh we are obviously aiming to compete. Um and any promotional strategy that we currently have is already built into the gross margin outlook that we provided yesterday.\n09:37\nSpeaker A\nOn Athleta, Richard, uh, look, Lululemon's been sucking wind. I don't even think they have a real CEO running that company, they're being attacked by an activist investor. Why isn't Athleta doing better and when will that business turn?\n09:54\nSpeaker B\nWe, uh, look, we're we're we're disappointed in our athlete trend. And as I've shared very transparently our prior efforts, uh, overrotated to attract a new consumer, uh, and the product that we offered just lacked resonance. Now, we brought in Maggie Gaugler, she's fantastic and under Maggie's leadership, she's only been there for a few months. The team has been re architecting the assortment and most importantly, it's based on consumer insights. We're bringing back customer favorites, but we're building those items into key franchises. You know, Brian, you know this, you know, this is a category that thrives on innovation, uh, and our team is developing a really exciting pipeline of innovative products. Uh we believe in this brand, you know, despite our challenges, we've maintained authority in the category. We're the number five brand in the women's active space and we've held that ranking. We've got net sales of over a billion dollars. So it's a meaningful brand in our portfolio and it's profitable. Um Athleta, you know, it holds a distinctive position in the marketplace. It's a women's only brand, it's a B Corp brand. These are distinctive attributes and we need to do a better job persona personifying this brand going forward. 2026 is about rebuilding it for growth. Progress will take time, but I'm confident in the brand and the path going forward.\n11:27\nSpeaker A\nRichard, let's get some men's stuff in there. Any compression stuff that I could put on my body and make me look buff or I'm all for, dude. Um, just, I'm just sign me up, man.\n11:35\nSpeaker B\nWe'll, we'll make it specifically for you.\n11:40\nSpeaker A\nAll right. That's all I can ask. Uh, Richard Dixon, good to see you. Have a good weekend. We'll talk to you soon.\n11:46\nSpeaker B\nThank you so much.\nWeʼre unable to load stories right now.","attrs_markdown":"Oops, something went wrong\n\n[Skip to navigation](https:\/\/finance.yahoo.com\/video\/gap-stock-drops-old-navy-153228602.html#navigation-container)  [Skip to main content](https:\/\/finance.yahoo.com\/video\/gap-stock-drops-old-navy-153228602.html#nimbus-app)  [Skip to right column](https:\/\/finance.yahoo.com\/video\/gap-stock-drops-old-navy-153228602.html#right-rail)\n\n### [News](https:\/\/www.yahoo.com\/)\n- [Today's news](https:\/\/www.yahoo.com\/news\/)\n- [US](https:\/\/www.yahoo.com\/news\/us\/)\n- [Politics](https:\/\/www.yahoo.com\/news\/politics\/)\n- [World](https:\/\/www.yahoo.com\/news\/world\/)\n- [Weather](https:\/\/weather.yahoo.com\/)\n- [Climate change](https:\/\/www.yahoo.com\/issues\/climate-change\/)\n- [Health](https:\/\/health.yahoo.com\/)\n  - [Wellness](https:\/\/health.yahoo.com\/wellness\/)\n    - [Mental health](https:\/\/health.yahoo.com\/wellness\/mental-health\/)\n    - 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[Lowest mortgage rates](https:\/\/finance.yahoo.com\/personal-finance\/mortgages\/article\/8-strategies-for-getting-the-lowest-mortgage-rate-possible-in-2026-224601956.html)\n    - [Mortgage refinance](https:\/\/finance.yahoo.com\/personal-finance\/mortgages\/article\/refinance-mortgage-162831396.html)\n    - [First time homebuyer](https:\/\/finance.yahoo.com\/personal-finance\/mortgages\/article\/first-time-home-buyer-195246478.html)\n    - [Mortgage payment calculator](https:\/\/finance.yahoo.com\/personal-finance\/calculators\/mortgage-payment-calculator\/)\n    - [Home affordability calculator](https:\/\/finance.yahoo.com\/personal-finance\/calculators\/how-much-home-can-i-afford\/)\n  - [Insurance](https:\/\/finance.yahoo.com\/personal-finance\/insurance\/)\n    - [Find car insurance](https:\/\/finance.yahoo.com\/personal-finance\/insurance\/article\/cheap-car-insurance-152307402.html)\n    - [Types of car insurance](https:\/\/finance.yahoo.com\/personal-finance\/insurance\/article\/types-of-car-insurance-175724082.html)\n    - 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[How to apply](https:\/\/finance.yahoo.com\/personal-finance\/student-loans\/article\/how-to-apply-for-federal-student-loans-203505397.html)\n    - [FAFSA 2026-27](https:\/\/finance.yahoo.com\/personal-finance\/student-loans\/article\/what-is-fafsa-173422253.html)\n    - [Student loan assistance](https:\/\/finance.yahoo.com\/personal-finance\/student-loans\/article\/when-do-student-loans-resume-203115948.html)\n  - [Personal loans](https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/)\n    - [Best personal loans](https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/best-personal-loans-202034980.html)\n    - [Improve credit score](https:\/\/finance.yahoo.com\/personal-finance\/banking\/article\/how-to-improve-credit-score-140045472.html)\n    - [How to get approved](https:\/\/finance.yahoo.com\/personal-finance\/personal-loans\/article\/how-to-get-approved-for-personal-loan-173728303.html)\n- [Videos](https:\/\/finance.yahoo.com\/videos\/)\n  - [Latest](https:\/\/finance.yahoo.com\/videos\/latest\/)\n  - 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CEO talks Q4 earnings\n\n[Yahoo Finance Video](https:\/\/finance.yahoo.com\/author\/yahoo-finance-video)  and [Brian Sozzi](https:\/\/finance.yahoo.com\/author\/brian-sozzi)\n\nFri, March 6, 2026 at 10:32 AM EST\n\nIn this video:\n\nGap Inc. ([GAP](https:\/\/finance.yahoo.com\/quote\/GAP)) — the parent company of a wide umbrella of retail chains that includes the Gap and Banana Republic — shares are falling Friday morning after the clothing giant missed fourth quarter earnings estimates, reporting disappointing sales figures from Athleta and Old Navy.\n\nGAP Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor [Brian Sozzi](https:\/\/www.yahoo.com\/author\/brian-sozzi\/) for a discussion on Gap's second year of across-the-board growth, capex spending and investments into the company's brands, and its executions on promotions.\n\nTo watch more expert insights and analysis on the latest market action, check out more [Market Catalysts](https:\/\/finance.yahoo.com\/videos\/series\/market-catalysts\/).\n\nVideo Transcript\n\n00:00  Speaker A\n\nHey Richard, good to see you. Um, look, it's been a week at the ranch. It's been a tough day for the markets. I think we need some uh positive uplifting news here at least going into the week. And let's to that end, let's start on GAAP. Nine straight quarters of positive sales at the GAAP. I put this po post out last night on my ex account calling this turnaround at GAAP stunning. And now I'm hearing you saying you were going back into growth mode with that uh with this division. What does growth mode look like at the Gap brand in particular this year?\n\n00:46  Speaker B\n\nAll right, Brian, thank you. I'm all in on good news. Uh, we did deliver a successful fourth quarter, um, and that's marking another year of really meaningful progress for Gaap Inc, which you know, you've been watching the past couple of years. We achieved our second consecutive year of top line growth, uh, and eighth consecutive quarter of positive comparable sales. Uh, we noted, you know, the comps were up 3% in the quarter, meeting our expectations, Old Navy up 3% as well, you know, largest, uh, specialty apparel brand in the US. Gaap up 7%. Um, that's on top of 7% last year also. Banana Republic, third quarter in a row of positive comps up 4%. So we're winning across all income cohorts. Also important to note, this was one of our highest gross margin years in the last 25 years. Uh, we've improved our balance sheet. We're ending with \\$3 billion in cash. So this is a progress uh point for us and a pivotal point in our transformation. I do want to double click on the brand GAAP. Um, as you said, it is so exciting to see our namesake brand building on success, literally quarter after quarter. Uh, the fourth quarter marked the brand's ninth consecutive quarter of positive comps. Uh, we've been consistently gaining market share. It's through great product assortments, great marketing and in-store execution. Team has done a brilliant job, literally driving a multi-generational appeal. Um, and ultimately, you know, we're watching all income cohorts, uh appeal to GAAP. More high income consumers are choosing GAAP, categories, fleece, logo, denim, sleepwear, all doing incredibly well. So we can be, you know, uh very confident in saying that GAAP is firmly back in the cultural conversation. It's a true pop culture brand, product resonance uh from red carpets to surprising collaborations and I can guarantee you a lot more exciting moments to come in 26.\n\n02:37  Speaker A\n\nIf you, if, if I was sitting here 15 years ago saying I'm going to be talking to the CEO of Gap and they're going to be putting more capex behind the Gap brand. I'd be like, well, you know, I don't know about all that. But Richard, you are. This year you teased a new store uh format for Gap. What does that store look like? Um because you also also teased uh a bigger push into accessories finally and a bigger push into beauty. Like these are your three big growth levers for gap this year. Like how does that impact the business and when do all these things hit?\n\n03:13  Speaker B\n\nYeah. Well, first, first, let's talk about beauty because I think, you know, in the context of what we shared, uh, in relation to our strategies of extending our brands. First, we're gonna drive continuous improvement on our core apparel business. So the the recognition that we've got a good flywheel going, better product, better storytelling, better in store execution, that will continue. And then we're extending our brand into accelerators such as beauty, accessories and we mentioned fashtainment. Beauty is one of the fastest growing, uh most resilient retail categories in the US and our customer insights are reinforcing strong demand for the category. Now, when you look at other fashion and apparel retailers that have a beauty business, the category represents anywhere from 5% at a low to 20% of their sales. And when you think about those percentages against our base business, it really does highlight the meaningful potential that this category can represent within our business over time. Um it's also, I think important to note we, we do have a beauty business. It's just underdeveloped. And based on our feedback from consumers, we know the potential of this category is enormous. So we announced plans for our expansion in 2025. We've got a phased introduction of this, starting with Old Navy, you're gonna see Gaap relaunching its fragrance later this year and we'll continue to build this category out along with accessories, fashtainment, and as you mentioned, you know, new store rollouts. We renovated and have some remodels that we've been testing over the last couple of years, uh Flat iron in New York City, Chestnut here, uh in our hometown in San Francisco and some other areas. These stores are outperforming our existing fleet giving us the confidence so we can start to really accelerate, uh these new store remodels, reformats and even new doors in the coming future. So a great position for us to be in and one that we believe is a pivotal point in our transformation.\n\n05:20  Speaker A\n\nRichard you mentioned on the call last night, 150 million in cost savings this year. Uh and look, I said at the top of the show that I think A I is really starting to impact um many jobs in this country. Of course, saw that news from Block. Like out of these savings, how much does it reflect uh the company leaning in on, on A I and rethinking its workflows?\n\n06:01  Speaker B\n\nour our uh capital to go after the accelerants and ultimately reinvest in the core of our business and technology is a key part of that. I mean, we do pride ourselves on being a human centered digitally enabled company. Um, and our A A I investment approach is is very disciplined. Um, with this foundation in place in the context of our office of A I, we we're really focused on three strategic layers. The first is reinvent. Uh, A I is helping us create new tools, new ways of working. Um, it's changing literally how we design products. Uh, the second one is optimization, enhancing existing systems and experiences uh with real time insights. This is impacting how we plan our business, uh even how we price our product. And the third is enable, empowering every member of our team with A I tools and the training to move faster and ultimately think bigger. So we're focused on areas where we believe A I can meaningfully reduce customer friction, uh increase predictability across product to market and ultimately unlock enterprise productivity. Um, there's lots more that we could share in the context of what we're doing. We live, our headquarters are in the Bay area. Uh, so we continue to work with our neighbors modernizing our organization, partnerships with Google Cloud, many exciting opportunities to drive innovation across our business and we'll obviously we'll keep you updated on all of that as things move forward.\n\n07:42  Speaker A\n\nRichard, of course, um, you and I, we can't control the stock market. We can't control what's happening over there in the Middle East. But what you can control as the CEO of Gap is what you sell your products for. Now, how concerned are you this spring is going to be really a a spring selling season for GAAP and retail of of discounts because consumers are more pressured, their their gas prices are higher, their their bills and other areas are higher because of what's happening in the Middle East. Like what levers are you prepared to fill?\n\n08:21  Speaker B\n\nWell, look, we we're always living in a competitive environment and it's our job to offer the best product, best price, best quality to break through if you will from the competition and grow our business and we have been. Obviously, I mentioned two years of consecutive comps, it's also been market share growth, which really indicates that we are winning in the competitive landscape. Now, as you know, uh it is a promotional and highly competitive landscape, um and promotion level is very much dependent on the competitive environment that we're operating in. It's our job to deliver on our customers needs and wants. Our top priority is to execute the product and marketing to drive interest and demand. Um in the fourth quarter, we were actually less promotional year over year and we drove greater impact and excitement. It's a strong proof point uh of the strength of our brands and our marketing effectiveness. So as we move into 2026, of course, we'll continue to be strategic about our use of promotions. Uh we are obviously aiming to compete. Um and any promotional strategy that we currently have is already built into the gross margin outlook that we provided yesterday.\n\n09:37  Speaker A\n\nOn Athleta, Richard, uh, look, Lululemon's been sucking wind. I don't even think they have a real CEO running that company, they're being attacked by an activist investor. Why isn't Athleta doing better and when will that business turn?\n\n09:54  Speaker B\n\nWe, uh, look, we're we're we're disappointed in our athlete trend. And as I've shared very transparently our prior efforts, uh, overrotated to attract a new consumer, uh, and the product that we offered just lacked resonance. Now, we brought in Maggie Gaugler, she's fantastic and under Maggie's leadership, she's only been there for a few months. The team has been re architecting the assortment and most importantly, it's based on consumer insights. We're bringing back customer favorites, but we're building those items into key franchises. You know, Brian, you know this, you know, this is a category that thrives on innovation, uh, and our team is developing a really exciting pipeline of innovative products. Uh we believe in this brand, you know, despite our challenges, we've maintained authority in the category. We're the number five brand in the women's active space and we've held that ranking. We've got net sales of over a billion dollars. So it's a meaningful brand in our portfolio and it's profitable. Um Athleta, you know, it holds a distinctive position in the marketplace. It's a women's only brand, it's a B Corp brand. These are distinctive attributes and we need to do a better job persona personifying this brand going forward. 2026 is about rebuilding it for growth. Progress will take time, but I'm confident in the brand and the path going forward.\n\n11:27  Speaker A\n\nRichard, let's get some men's stuff in there. Any compression stuff that I could put on my body and make me look buff or I'm all for, dude. Um, just, I'm just sign me up, man.\n\n11:35  Speaker B\n\nWe'll, we'll make it specifically for you.\n\n11:40  Speaker A\n\nAll right. That's all I can ask. Uh, Richard Dixon, good to see you. Have a good weekend. We'll talk to you soon.\n\n11:46  Speaker B\n\nThank you so much.\n\n[Terms](https:\/\/guce.yahoo.com\/terms?locale=en-US)  and [Privacy Policy](https:\/\/guce.yahoo.com\/privacy-policy?locale=en-US)\n\n[Privacy & Cookie Settings](https:\/\/guce.yahoo.com\/privacy-settings?locale=en-US)\n\n[More Info](https:\/\/finance.yahoo.com\/more-info)\n## Recommended Stories\n\nCopyright © 2026 Yahoo. 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Select \"All\" to see top events in other countries or view all events.\n  \n  [View All Events](https:\/\/finance.yahoo.com\/calendar\/economic)\n- [Earnings events](https:\/\/finance.yahoo.com\/calendar\/earnings?day=2026-03-08)\n  \n  My earnings events\n  \n  Earnings events\n\nEdit your Dock\n\n[Terms](https:\/\/guce.yahoo.com\/terms?locale=en-US)  and [Privacy Policy](https:\/\/guce.yahoo.com\/privacy-policy?locale=en-US)\n\n[Privacy & Cookie Settings](https:\/\/guce.yahoo.com\/privacy-settings?locale=en-US)\n\n[Ad Terms](https:\/\/policies.oath.com\/us\/en\/oath\/privacy\/adinfo\/index.html)  [Feedback](https:\/\/yahoo.uservoice.com\/forums\/952723-finance-b3)  [More Info](https:\/\/finance.yahoo.com\/more-info)","attrs_readable_markdown":"Gap Inc. ([GAP](https:\/\/finance.yahoo.com\/quote\/GAP)) — the parent company of a wide umbrella of retail chains that includes the Gap and Banana Republic — shares are falling Friday morning after the clothing giant missed fourth quarter earnings estimates, reporting disappointing sales figures from Athleta and Old Navy.\n\nGAP Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor [Brian Sozzi](https:\/\/www.yahoo.com\/author\/brian-sozzi\/) for a discussion on Gap's second year of across-the-board growth, capex spending and investments into the company's brands, and its executions on promotions.\n\nTo watch more expert insights and analysis on the latest market action, check out more [Market Catalysts](https:\/\/finance.yahoo.com\/videos\/series\/market-catalysts\/).\n\n00:00  Speaker A\n\nHey Richard, good to see you. Um, look, it's been a week at the ranch. It's been a tough day for the markets. I think we need some uh positive uplifting news here at least going into the week. And let's to that end, let's start on GAAP. Nine straight quarters of positive sales at the GAAP. I put this po post out last night on my ex account calling this turnaround at GAAP stunning. And now I'm hearing you saying you were going back into growth mode with that uh with this division. What does growth mode look like at the Gap brand in particular this year?\n\n00:46  Speaker B\n\nAll right, Brian, thank you. I'm all in on good news. Uh, we did deliver a successful fourth quarter, um, and that's marking another year of really meaningful progress for Gaap Inc, which you know, you've been watching the past couple of years. We achieved our second consecutive year of top line growth, uh, and eighth consecutive quarter of positive comparable sales. Uh, we noted, you know, the comps were up 3% in the quarter, meeting our expectations, Old Navy up 3% as well, you know, largest, uh, specialty apparel brand in the US. Gaap up 7%. Um, that's on top of 7% last year also. Banana Republic, third quarter in a row of positive comps up 4%. So we're winning across all income cohorts. Also important to note, this was one of our highest gross margin years in the last 25 years. Uh, we've improved our balance sheet. We're ending with \\$3 billion in cash. So this is a progress uh point for us and a pivotal point in our transformation. I do want to double click on the brand GAAP. Um, as you said, it is so exciting to see our namesake brand building on success, literally quarter after quarter. Uh, the fourth quarter marked the brand's ninth consecutive quarter of positive comps. Uh, we've been consistently gaining market share. It's through great product assortments, great marketing and in-store execution. Team has done a brilliant job, literally driving a multi-generational appeal. Um, and ultimately, you know, we're watching all income cohorts, uh appeal to GAAP. More high income consumers are choosing GAAP, categories, fleece, logo, denim, sleepwear, all doing incredibly well. So we can be, you know, uh very confident in saying that GAAP is firmly back in the cultural conversation. It's a true pop culture brand, product resonance uh from red carpets to surprising collaborations and I can guarantee you a lot more exciting moments to come in 26.\n\n02:37  Speaker A\n\nIf you, if, if I was sitting here 15 years ago saying I'm going to be talking to the CEO of Gap and they're going to be putting more capex behind the Gap brand. I'd be like, well, you know, I don't know about all that. But Richard, you are. This year you teased a new store uh format for Gap. What does that store look like? Um because you also also teased uh a bigger push into accessories finally and a bigger push into beauty. Like these are your three big growth levers for gap this year. Like how does that impact the business and when do all these things hit?\n\n03:13  Speaker B\n\nYeah. Well, first, first, let's talk about beauty because I think, you know, in the context of what we shared, uh, in relation to our strategies of extending our brands. First, we're gonna drive continuous improvement on our core apparel business. So the the recognition that we've got a good flywheel going, better product, better storytelling, better in store execution, that will continue. And then we're extending our brand into accelerators such as beauty, accessories and we mentioned fashtainment. Beauty is one of the fastest growing, uh most resilient retail categories in the US and our customer insights are reinforcing strong demand for the category. Now, when you look at other fashion and apparel retailers that have a beauty business, the category represents anywhere from 5% at a low to 20% of their sales. And when you think about those percentages against our base business, it really does highlight the meaningful potential that this category can represent within our business over time. Um it's also, I think important to note we, we do have a beauty business. It's just underdeveloped. And based on our feedback from consumers, we know the potential of this category is enormous. So we announced plans for our expansion in 2025. We've got a phased introduction of this, starting with Old Navy, you're gonna see Gaap relaunching its fragrance later this year and we'll continue to build this category out along with accessories, fashtainment, and as you mentioned, you know, new store rollouts. We renovated and have some remodels that we've been testing over the last couple of years, uh Flat iron in New York City, Chestnut here, uh in our hometown in San Francisco and some other areas. These stores are outperforming our existing fleet giving us the confidence so we can start to really accelerate, uh these new store remodels, reformats and even new doors in the coming future. So a great position for us to be in and one that we believe is a pivotal point in our transformation.\n\n05:20  Speaker A\n\nRichard you mentioned on the call last night, 150 million in cost savings this year. Uh and look, I said at the top of the show that I think A I is really starting to impact um many jobs in this country. Of course, saw that news from Block. Like out of these savings, how much does it reflect uh the company leaning in on, on A I and rethinking its workflows?\n\n06:01  Speaker B\n\nour our uh capital to go after the accelerants and ultimately reinvest in the core of our business and technology is a key part of that. I mean, we do pride ourselves on being a human centered digitally enabled company. Um, and our A A I investment approach is is very disciplined. Um, with this foundation in place in the context of our office of A I, we we're really focused on three strategic layers. The first is reinvent. Uh, A I is helping us create new tools, new ways of working. Um, it's changing literally how we design products. Uh, the second one is optimization, enhancing existing systems and experiences uh with real time insights. This is impacting how we plan our business, uh even how we price our product. And the third is enable, empowering every member of our team with A I tools and the training to move faster and ultimately think bigger. So we're focused on areas where we believe A I can meaningfully reduce customer friction, uh increase predictability across product to market and ultimately unlock enterprise productivity. Um, there's lots more that we could share in the context of what we're doing. We live, our headquarters are in the Bay area. Uh, so we continue to work with our neighbors modernizing our organization, partnerships with Google Cloud, many exciting opportunities to drive innovation across our business and we'll obviously we'll keep you updated on all of that as things move forward.\n\n07:42  Speaker A\n\nRichard, of course, um, you and I, we can't control the stock market. We can't control what's happening over there in the Middle East. But what you can control as the CEO of Gap is what you sell your products for. Now, how concerned are you this spring is going to be really a a spring selling season for GAAP and retail of of discounts because consumers are more pressured, their their gas prices are higher, their their bills and other areas are higher because of what's happening in the Middle East. Like what levers are you prepared to fill?\n\n08:21  Speaker B\n\nWell, look, we we're always living in a competitive environment and it's our job to offer the best product, best price, best quality to break through if you will from the competition and grow our business and we have been. Obviously, I mentioned two years of consecutive comps, it's also been market share growth, which really indicates that we are winning in the competitive landscape. Now, as you know, uh it is a promotional and highly competitive landscape, um and promotion level is very much dependent on the competitive environment that we're operating in. It's our job to deliver on our customers needs and wants. Our top priority is to execute the product and marketing to drive interest and demand. Um in the fourth quarter, we were actually less promotional year over year and we drove greater impact and excitement. It's a strong proof point uh of the strength of our brands and our marketing effectiveness. So as we move into 2026, of course, we'll continue to be strategic about our use of promotions. Uh we are obviously aiming to compete. Um and any promotional strategy that we currently have is already built into the gross margin outlook that we provided yesterday.\n\n09:37  Speaker A\n\nOn Athleta, Richard, uh, look, Lululemon's been sucking wind. I don't even think they have a real CEO running that company, they're being attacked by an activist investor. Why isn't Athleta doing better and when will that business turn?\n\n09:54  Speaker B\n\nWe, uh, look, we're we're we're disappointed in our athlete trend. And as I've shared very transparently our prior efforts, uh, overrotated to attract a new consumer, uh, and the product that we offered just lacked resonance. Now, we brought in Maggie Gaugler, she's fantastic and under Maggie's leadership, she's only been there for a few months. The team has been re architecting the assortment and most importantly, it's based on consumer insights. We're bringing back customer favorites, but we're building those items into key franchises. You know, Brian, you know this, you know, this is a category that thrives on innovation, uh, and our team is developing a really exciting pipeline of innovative products. Uh we believe in this brand, you know, despite our challenges, we've maintained authority in the category. We're the number five brand in the women's active space and we've held that ranking. We've got net sales of over a billion dollars. So it's a meaningful brand in our portfolio and it's profitable. Um Athleta, you know, it holds a distinctive position in the marketplace. It's a women's only brand, it's a B Corp brand. These are distinctive attributes and we need to do a better job persona personifying this brand going forward. 2026 is about rebuilding it for growth. Progress will take time, but I'm confident in the brand and the path going forward.\n\n11:27  Speaker A\n\nRichard, let's get some men's stuff in there. Any compression stuff that I could put on my body and make me look buff or I'm all for, dude. Um, just, I'm just sign me up, man.\n\n11:35  Speaker B\n\nWe'll, we'll make it specifically for you.\n\n11:40  Speaker A\n\nAll right. That's all I can ask. Uh, Richard Dixon, good to see you. Have a good weekend. We'll talk to you soon.\n\n11:46  Speaker B\n\nThank you so much.","meta_canonical":null}

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Meta Title	Gap stock drops on Old Navy, Athleta sales. CEO talks Q4 earnings
Meta Description	Gap Inc. (GAP) — the parent company of a wide umbrella of retail chains that includes the Gap and Banana Republic — shares are falling Friday morning after the clothing giant missed fourth quarter earnings estimates, reporting disappointing sales figures from Athleta and Old Navy. GAP Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor Brian Sozzi for a discussion on Gap's second year of across-the-board growth, capex spending and investments into the company's brands, and its executions on promotions. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts.
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Boilerpipe Text	Gap Inc. ( GAP ) — the parent company of a wide umbrella of retail chains that includes the Gap and Banana Republic — shares are falling Friday morning after the clothing giant missed fourth quarter earnings estimates, reporting disappointing sales figures from Athleta and Old Navy. GAP Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor Brian Sozzi for a discussion on Gap's second year of across-the-board growth, capex spending and investments into the company's brands, and its executions on promotions. To watch more expert insights and analysis on the latest market action, check out more Market Catalysts . 00:00 Speaker A Hey Richard, good to see you. Um, look, it's been a week at the ranch. It's been a tough day for the markets. I think we need some uh positive uplifting news here at least going into the week. And let's to that end, let's start on GAAP. Nine straight quarters of positive sales at the GAAP. I put this po post out last night on my ex account calling this turnaround at GAAP stunning. And now I'm hearing you saying you were going back into growth mode with that uh with this division. What does growth mode look like at the Gap brand in particular this year? 00:46 Speaker B All right, Brian, thank you. I'm all in on good news. Uh, we did deliver a successful fourth quarter, um, and that's marking another year of really meaningful progress for Gaap Inc, which you know, you've been watching the past couple of years. We achieved our second consecutive year of top line growth, uh, and eighth consecutive quarter of positive comparable sales. Uh, we noted, you know, the comps were up 3% in the quarter, meeting our expectations, Old Navy up 3% as well, you know, largest, uh, specialty apparel brand in the US. Gaap up 7%. Um, that's on top of 7% last year also. Banana Republic, third quarter in a row of positive comps up 4%. So we're winning across all income cohorts. Also important to note, this was one of our highest gross margin years in the last 25 years. Uh, we've improved our balance sheet. We're ending with $3 billion in cash. So this is a progress uh point for us and a pivotal point in our transformation. I do want to double click on the brand GAAP. Um, as you said, it is so exciting to see our namesake brand building on success, literally quarter after quarter. Uh, the fourth quarter marked the brand's ninth consecutive quarter of positive comps. Uh, we've been consistently gaining market share. It's through great product assortments, great marketing and in-store execution. Team has done a brilliant job, literally driving a multi-generational appeal. Um, and ultimately, you know, we're watching all income cohorts, uh appeal to GAAP. More high income consumers are choosing GAAP, categories, fleece, logo, denim, sleepwear, all doing incredibly well. So we can be, you know, uh very confident in saying that GAAP is firmly back in the cultural conversation. It's a true pop culture brand, product resonance uh from red carpets to surprising collaborations and I can guarantee you a lot more exciting moments to come in 26. 02:37 Speaker A If you, if, if I was sitting here 15 years ago saying I'm going to be talking to the CEO of Gap and they're going to be putting more capex behind the Gap brand. I'd be like, well, you know, I don't know about all that. But Richard, you are. This year you teased a new store uh format for Gap. What does that store look like? Um because you also also teased uh a bigger push into accessories finally and a bigger push into beauty. Like these are your three big growth levers for gap this year. Like how does that impact the business and when do all these things hit? 03:13 Speaker B Yeah. Well, first, first, let's talk about beauty because I think, you know, in the context of what we shared, uh, in relation to our strategies of extending our brands. First, we're gonna drive continuous improvement on our core apparel business. So the the recognition that we've got a good flywheel going, better product, better storytelling, better in store execution, that will continue. And then we're extending our brand into accelerators such as beauty, accessories and we mentioned fashtainment. Beauty is one of the fastest growing, uh most resilient retail categories in the US and our customer insights are reinforcing strong demand for the category. Now, when you look at other fashion and apparel retailers that have a beauty business, the category represents anywhere from 5% at a low to 20% of their sales. And when you think about those percentages against our base business, it really does highlight the meaningful potential that this category can represent within our business over time. Um it's also, I think important to note we, we do have a beauty business. It's just underdeveloped. And based on our feedback from consumers, we know the potential of this category is enormous. So we announced plans for our expansion in 2025. We've got a phased introduction of this, starting with Old Navy, you're gonna see Gaap relaunching its fragrance later this year and we'll continue to build this category out along with accessories, fashtainment, and as you mentioned, you know, new store rollouts. We renovated and have some remodels that we've been testing over the last couple of years, uh Flat iron in New York City, Chestnut here, uh in our hometown in San Francisco and some other areas. These stores are outperforming our existing fleet giving us the confidence so we can start to really accelerate, uh these new store remodels, reformats and even new doors in the coming future. So a great position for us to be in and one that we believe is a pivotal point in our transformation. 05:20 Speaker A Richard you mentioned on the call last night, 150 million in cost savings this year. Uh and look, I said at the top of the show that I think A I is really starting to impact um many jobs in this country. Of course, saw that news from Block. Like out of these savings, how much does it reflect uh the company leaning in on, on A I and rethinking its workflows? 06:01 Speaker B our our uh capital to go after the accelerants and ultimately reinvest in the core of our business and technology is a key part of that. I mean, we do pride ourselves on being a human centered digitally enabled company. Um, and our A A I investment approach is is very disciplined. Um, with this foundation in place in the context of our office of A I, we we're really focused on three strategic layers. The first is reinvent. Uh, A I is helping us create new tools, new ways of working. Um, it's changing literally how we design products. Uh, the second one is optimization, enhancing existing systems and experiences uh with real time insights. This is impacting how we plan our business, uh even how we price our product. And the third is enable, empowering every member of our team with A I tools and the training to move faster and ultimately think bigger. So we're focused on areas where we believe A I can meaningfully reduce customer friction, uh increase predictability across product to market and ultimately unlock enterprise productivity. Um, there's lots more that we could share in the context of what we're doing. We live, our headquarters are in the Bay area. Uh, so we continue to work with our neighbors modernizing our organization, partnerships with Google Cloud, many exciting opportunities to drive innovation across our business and we'll obviously we'll keep you updated on all of that as things move forward. 07:42 Speaker A Richard, of course, um, you and I, we can't control the stock market. We can't control what's happening over there in the Middle East. But what you can control as the CEO of Gap is what you sell your products for. Now, how concerned are you this spring is going to be really a a spring selling season for GAAP and retail of of discounts because consumers are more pressured, their their gas prices are higher, their their bills and other areas are higher because of what's happening in the Middle East. Like what levers are you prepared to fill? 08:21 Speaker B Well, look, we we're always living in a competitive environment and it's our job to offer the best product, best price, best quality to break through if you will from the competition and grow our business and we have been. Obviously, I mentioned two years of consecutive comps, it's also been market share growth, which really indicates that we are winning in the competitive landscape. Now, as you know, uh it is a promotional and highly competitive landscape, um and promotion level is very much dependent on the competitive environment that we're operating in. It's our job to deliver on our customers needs and wants. Our top priority is to execute the product and marketing to drive interest and demand. Um in the fourth quarter, we were actually less promotional year over year and we drove greater impact and excitement. It's a strong proof point uh of the strength of our brands and our marketing effectiveness. So as we move into 2026, of course, we'll continue to be strategic about our use of promotions. Uh we are obviously aiming to compete. Um and any promotional strategy that we currently have is already built into the gross margin outlook that we provided yesterday. 09:37 Speaker A On Athleta, Richard, uh, look, Lululemon's been sucking wind. I don't even think they have a real CEO running that company, they're being attacked by an activist investor. Why isn't Athleta doing better and when will that business turn? 09:54 Speaker B We, uh, look, we're we're we're disappointed in our athlete trend. And as I've shared very transparently our prior efforts, uh, overrotated to attract a new consumer, uh, and the product that we offered just lacked resonance. Now, we brought in Maggie Gaugler, she's fantastic and under Maggie's leadership, she's only been there for a few months. The team has been re architecting the assortment and most importantly, it's based on consumer insights. We're bringing back customer favorites, but we're building those items into key franchises. You know, Brian, you know this, you know, this is a category that thrives on innovation, uh, and our team is developing a really exciting pipeline of innovative products. Uh we believe in this brand, you know, despite our challenges, we've maintained authority in the category. We're the number five brand in the women's active space and we've held that ranking. We've got net sales of over a billion dollars. So it's a meaningful brand in our portfolio and it's profitable. Um Athleta, you know, it holds a distinctive position in the marketplace. It's a women's only brand, it's a B Corp brand. These are distinctive attributes and we need to do a better job persona personifying this brand going forward. 2026 is about rebuilding it for growth. Progress will take time, but I'm confident in the brand and the path going forward. 11:27 Speaker A Richard, let's get some men's stuff in there. Any compression stuff that I could put on my body and make me look buff or I'm all for, dude. Um, just, I'm just sign me up, man. 11:35 Speaker B We'll, we'll make it specifically for you. 11:40 Speaker A All right. That's all I can ask. Uh, Richard Dixon, good to see you. Have a good weekend. We'll talk to you soon. 11:46 Speaker B Thank you so much. Weʼre unable to load stories right now.
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[Upgrade to Premium](https://finance.yahoo.com/about/plans/select-plan/?.done=https%3A%2F%2Ffinance.yahoo.com%2Fvideo%2Fgap-stock-drops-old-navy-153228602.html&ncid=_1088_DCM-PARTNER_NATIVE_US_NoTargeting_HeaderEyebrow_YahooFinanceUsers___RightRail_Header-UpgradetoPaidSubscriptionButton__N_) [![Yahoo Finance Video](https://s.yimg.com/ny/api/res/1.2/nt5dGx4HiuaxJyO1G5ipxw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTIzMjtoPTQ4/https://s.yimg.com/os/creatr-uploaded-images/2020-12/02246f50-3412-11eb-bfdd-de89f8b3b8b8)](https://finance.yahoo.com/ "Yahoo Finance Video") # Gap stock drops on Old Navy, Athleta sales. CEO talks Q4 earnings [Yahoo Finance Video](https://finance.yahoo.com/author/yahoo-finance-video) and [Brian Sozzi](https://finance.yahoo.com/author/brian-sozzi) Fri, March 6, 2026 at 10:32 AM EST In this video: Gap Inc. ([GAP](https://finance.yahoo.com/quote/GAP)) — the parent company of a wide umbrella of retail chains that includes the Gap and Banana Republic — shares are falling Friday morning after the clothing giant missed fourth quarter earnings estimates, reporting disappointing sales figures from Athleta and Old Navy. GAP Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor [Brian Sozzi](https://www.yahoo.com/author/brian-sozzi/) for a discussion on Gap's second year of across-the-board growth, capex spending and investments into the company's brands, and its executions on promotions. To watch more expert insights and analysis on the latest market action, check out more [Market Catalysts](https://finance.yahoo.com/videos/series/market-catalysts/). Video Transcript 00:00 Speaker A Hey Richard, good to see you. Um, look, it's been a week at the ranch. It's been a tough day for the markets. I think we need some uh positive uplifting news here at least going into the week. And let's to that end, let's start on GAAP. Nine straight quarters of positive sales at the GAAP. I put this po post out last night on my ex account calling this turnaround at GAAP stunning. And now I'm hearing you saying you were going back into growth mode with that uh with this division. What does growth mode look like at the Gap brand in particular this year? 00:46 Speaker B All right, Brian, thank you. I'm all in on good news. Uh, we did deliver a successful fourth quarter, um, and that's marking another year of really meaningful progress for Gaap Inc, which you know, you've been watching the past couple of years. We achieved our second consecutive year of top line growth, uh, and eighth consecutive quarter of positive comparable sales. Uh, we noted, you know, the comps were up 3% in the quarter, meeting our expectations, Old Navy up 3% as well, you know, largest, uh, specialty apparel brand in the US. Gaap up 7%. Um, that's on top of 7% last year also. Banana Republic, third quarter in a row of positive comps up 4%. So we're winning across all income cohorts. Also important to note, this was one of our highest gross margin years in the last 25 years. Uh, we've improved our balance sheet. We're ending with \$3 billion in cash. So this is a progress uh point for us and a pivotal point in our transformation. I do want to double click on the brand GAAP. Um, as you said, it is so exciting to see our namesake brand building on success, literally quarter after quarter. Uh, the fourth quarter marked the brand's ninth consecutive quarter of positive comps. Uh, we've been consistently gaining market share. It's through great product assortments, great marketing and in-store execution. Team has done a brilliant job, literally driving a multi-generational appeal. Um, and ultimately, you know, we're watching all income cohorts, uh appeal to GAAP. More high income consumers are choosing GAAP, categories, fleece, logo, denim, sleepwear, all doing incredibly well. So we can be, you know, uh very confident in saying that GAAP is firmly back in the cultural conversation. It's a true pop culture brand, product resonance uh from red carpets to surprising collaborations and I can guarantee you a lot more exciting moments to come in 26. 02:37 Speaker A If you, if, if I was sitting here 15 years ago saying I'm going to be talking to the CEO of Gap and they're going to be putting more capex behind the Gap brand. I'd be like, well, you know, I don't know about all that. But Richard, you are. This year you teased a new store uh format for Gap. What does that store look like? Um because you also also teased uh a bigger push into accessories finally and a bigger push into beauty. Like these are your three big growth levers for gap this year. Like how does that impact the business and when do all these things hit? 03:13 Speaker B Yeah. Well, first, first, let's talk about beauty because I think, you know, in the context of what we shared, uh, in relation to our strategies of extending our brands. First, we're gonna drive continuous improvement on our core apparel business. So the the recognition that we've got a good flywheel going, better product, better storytelling, better in store execution, that will continue. And then we're extending our brand into accelerators such as beauty, accessories and we mentioned fashtainment. Beauty is one of the fastest growing, uh most resilient retail categories in the US and our customer insights are reinforcing strong demand for the category. Now, when you look at other fashion and apparel retailers that have a beauty business, the category represents anywhere from 5% at a low to 20% of their sales. And when you think about those percentages against our base business, it really does highlight the meaningful potential that this category can represent within our business over time. Um it's also, I think important to note we, we do have a beauty business. It's just underdeveloped. And based on our feedback from consumers, we know the potential of this category is enormous. So we announced plans for our expansion in 2025. We've got a phased introduction of this, starting with Old Navy, you're gonna see Gaap relaunching its fragrance later this year and we'll continue to build this category out along with accessories, fashtainment, and as you mentioned, you know, new store rollouts. We renovated and have some remodels that we've been testing over the last couple of years, uh Flat iron in New York City, Chestnut here, uh in our hometown in San Francisco and some other areas. These stores are outperforming our existing fleet giving us the confidence so we can start to really accelerate, uh these new store remodels, reformats and even new doors in the coming future. So a great position for us to be in and one that we believe is a pivotal point in our transformation. 05:20 Speaker A Richard you mentioned on the call last night, 150 million in cost savings this year. Uh and look, I said at the top of the show that I think A I is really starting to impact um many jobs in this country. Of course, saw that news from Block. Like out of these savings, how much does it reflect uh the company leaning in on, on A I and rethinking its workflows? 06:01 Speaker B our our uh capital to go after the accelerants and ultimately reinvest in the core of our business and technology is a key part of that. I mean, we do pride ourselves on being a human centered digitally enabled company. Um, and our A A I investment approach is is very disciplined. Um, with this foundation in place in the context of our office of A I, we we're really focused on three strategic layers. The first is reinvent. Uh, A I is helping us create new tools, new ways of working. Um, it's changing literally how we design products. Uh, the second one is optimization, enhancing existing systems and experiences uh with real time insights. This is impacting how we plan our business, uh even how we price our product. And the third is enable, empowering every member of our team with A I tools and the training to move faster and ultimately think bigger. So we're focused on areas where we believe A I can meaningfully reduce customer friction, uh increase predictability across product to market and ultimately unlock enterprise productivity. Um, there's lots more that we could share in the context of what we're doing. We live, our headquarters are in the Bay area. Uh, so we continue to work with our neighbors modernizing our organization, partnerships with Google Cloud, many exciting opportunities to drive innovation across our business and we'll obviously we'll keep you updated on all of that as things move forward. 07:42 Speaker A Richard, of course, um, you and I, we can't control the stock market. We can't control what's happening over there in the Middle East. But what you can control as the CEO of Gap is what you sell your products for. Now, how concerned are you this spring is going to be really a a spring selling season for GAAP and retail of of discounts because consumers are more pressured, their their gas prices are higher, their their bills and other areas are higher because of what's happening in the Middle East. Like what levers are you prepared to fill? 08:21 Speaker B Well, look, we we're always living in a competitive environment and it's our job to offer the best product, best price, best quality to break through if you will from the competition and grow our business and we have been. Obviously, I mentioned two years of consecutive comps, it's also been market share growth, which really indicates that we are winning in the competitive landscape. Now, as you know, uh it is a promotional and highly competitive landscape, um and promotion level is very much dependent on the competitive environment that we're operating in. It's our job to deliver on our customers needs and wants. Our top priority is to execute the product and marketing to drive interest and demand. Um in the fourth quarter, we were actually less promotional year over year and we drove greater impact and excitement. It's a strong proof point uh of the strength of our brands and our marketing effectiveness. So as we move into 2026, of course, we'll continue to be strategic about our use of promotions. Uh we are obviously aiming to compete. Um and any promotional strategy that we currently have is already built into the gross margin outlook that we provided yesterday. 09:37 Speaker A On Athleta, Richard, uh, look, Lululemon's been sucking wind. I don't even think they have a real CEO running that company, they're being attacked by an activist investor. Why isn't Athleta doing better and when will that business turn? 09:54 Speaker B We, uh, look, we're we're we're disappointed in our athlete trend. And as I've shared very transparently our prior efforts, uh, overrotated to attract a new consumer, uh, and the product that we offered just lacked resonance. Now, we brought in Maggie Gaugler, she's fantastic and under Maggie's leadership, she's only been there for a few months. The team has been re architecting the assortment and most importantly, it's based on consumer insights. We're bringing back customer favorites, but we're building those items into key franchises. You know, Brian, you know this, you know, this is a category that thrives on innovation, uh, and our team is developing a really exciting pipeline of innovative products. Uh we believe in this brand, you know, despite our challenges, we've maintained authority in the category. We're the number five brand in the women's active space and we've held that ranking. We've got net sales of over a billion dollars. So it's a meaningful brand in our portfolio and it's profitable. Um Athleta, you know, it holds a distinctive position in the marketplace. It's a women's only brand, it's a B Corp brand. These are distinctive attributes and we need to do a better job persona personifying this brand going forward. 2026 is about rebuilding it for growth. Progress will take time, but I'm confident in the brand and the path going forward. 11:27 Speaker A Richard, let's get some men's stuff in there. Any compression stuff that I could put on my body and make me look buff or I'm all for, dude. Um, just, I'm just sign me up, man. 11:35 Speaker B We'll, we'll make it specifically for you. 11:40 Speaker A All right. That's all I can ask. Uh, Richard Dixon, good to see you. Have a good weekend. We'll talk to you soon. 11:46 Speaker B Thank you so much. [Terms](https://guce.yahoo.com/terms?locale=en-US) and [Privacy Policy](https://guce.yahoo.com/privacy-policy?locale=en-US) [Privacy & Cookie Settings](https://guce.yahoo.com/privacy-settings?locale=en-US) [More Info](https://finance.yahoo.com/more-info) ## Recommended Stories Copyright © 2026 Yahoo. All rights reserved. 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Readable Markdown	Gap Inc. ([GAP](https://finance.yahoo.com/quote/GAP)) — the parent company of a wide umbrella of retail chains that includes the Gap and Banana Republic — shares are falling Friday morning after the clothing giant missed fourth quarter earnings estimates, reporting disappointing sales figures from Athleta and Old Navy. GAP Inc. CEO Richard Dickson sits down with Yahoo Finance Executive Editor [Brian Sozzi](https://www.yahoo.com/author/brian-sozzi/) for a discussion on Gap's second year of across-the-board growth, capex spending and investments into the company's brands, and its executions on promotions. To watch more expert insights and analysis on the latest market action, check out more [Market Catalysts](https://finance.yahoo.com/videos/series/market-catalysts/). 00:00 Speaker A Hey Richard, good to see you. Um, look, it's been a week at the ranch. It's been a tough day for the markets. I think we need some uh positive uplifting news here at least going into the week. And let's to that end, let's start on GAAP. Nine straight quarters of positive sales at the GAAP. I put this po post out last night on my ex account calling this turnaround at GAAP stunning. And now I'm hearing you saying you were going back into growth mode with that uh with this division. What does growth mode look like at the Gap brand in particular this year? 00:46 Speaker B All right, Brian, thank you. I'm all in on good news. Uh, we did deliver a successful fourth quarter, um, and that's marking another year of really meaningful progress for Gaap Inc, which you know, you've been watching the past couple of years. We achieved our second consecutive year of top line growth, uh, and eighth consecutive quarter of positive comparable sales. Uh, we noted, you know, the comps were up 3% in the quarter, meeting our expectations, Old Navy up 3% as well, you know, largest, uh, specialty apparel brand in the US. Gaap up 7%. Um, that's on top of 7% last year also. Banana Republic, third quarter in a row of positive comps up 4%. So we're winning across all income cohorts. Also important to note, this was one of our highest gross margin years in the last 25 years. Uh, we've improved our balance sheet. We're ending with \$3 billion in cash. So this is a progress uh point for us and a pivotal point in our transformation. I do want to double click on the brand GAAP. Um, as you said, it is so exciting to see our namesake brand building on success, literally quarter after quarter. Uh, the fourth quarter marked the brand's ninth consecutive quarter of positive comps. Uh, we've been consistently gaining market share. It's through great product assortments, great marketing and in-store execution. Team has done a brilliant job, literally driving a multi-generational appeal. Um, and ultimately, you know, we're watching all income cohorts, uh appeal to GAAP. More high income consumers are choosing GAAP, categories, fleece, logo, denim, sleepwear, all doing incredibly well. So we can be, you know, uh very confident in saying that GAAP is firmly back in the cultural conversation. It's a true pop culture brand, product resonance uh from red carpets to surprising collaborations and I can guarantee you a lot more exciting moments to come in 26. 02:37 Speaker A If you, if, if I was sitting here 15 years ago saying I'm going to be talking to the CEO of Gap and they're going to be putting more capex behind the Gap brand. I'd be like, well, you know, I don't know about all that. But Richard, you are. This year you teased a new store uh format for Gap. What does that store look like? Um because you also also teased uh a bigger push into accessories finally and a bigger push into beauty. Like these are your three big growth levers for gap this year. Like how does that impact the business and when do all these things hit? 03:13 Speaker B Yeah. Well, first, first, let's talk about beauty because I think, you know, in the context of what we shared, uh, in relation to our strategies of extending our brands. First, we're gonna drive continuous improvement on our core apparel business. So the the recognition that we've got a good flywheel going, better product, better storytelling, better in store execution, that will continue. And then we're extending our brand into accelerators such as beauty, accessories and we mentioned fashtainment. Beauty is one of the fastest growing, uh most resilient retail categories in the US and our customer insights are reinforcing strong demand for the category. Now, when you look at other fashion and apparel retailers that have a beauty business, the category represents anywhere from 5% at a low to 20% of their sales. And when you think about those percentages against our base business, it really does highlight the meaningful potential that this category can represent within our business over time. Um it's also, I think important to note we, we do have a beauty business. It's just underdeveloped. And based on our feedback from consumers, we know the potential of this category is enormous. So we announced plans for our expansion in 2025. We've got a phased introduction of this, starting with Old Navy, you're gonna see Gaap relaunching its fragrance later this year and we'll continue to build this category out along with accessories, fashtainment, and as you mentioned, you know, new store rollouts. We renovated and have some remodels that we've been testing over the last couple of years, uh Flat iron in New York City, Chestnut here, uh in our hometown in San Francisco and some other areas. These stores are outperforming our existing fleet giving us the confidence so we can start to really accelerate, uh these new store remodels, reformats and even new doors in the coming future. So a great position for us to be in and one that we believe is a pivotal point in our transformation. 05:20 Speaker A Richard you mentioned on the call last night, 150 million in cost savings this year. Uh and look, I said at the top of the show that I think A I is really starting to impact um many jobs in this country. Of course, saw that news from Block. Like out of these savings, how much does it reflect uh the company leaning in on, on A I and rethinking its workflows? 06:01 Speaker B our our uh capital to go after the accelerants and ultimately reinvest in the core of our business and technology is a key part of that. I mean, we do pride ourselves on being a human centered digitally enabled company. Um, and our A A I investment approach is is very disciplined. Um, with this foundation in place in the context of our office of A I, we we're really focused on three strategic layers. The first is reinvent. Uh, A I is helping us create new tools, new ways of working. Um, it's changing literally how we design products. Uh, the second one is optimization, enhancing existing systems and experiences uh with real time insights. This is impacting how we plan our business, uh even how we price our product. And the third is enable, empowering every member of our team with A I tools and the training to move faster and ultimately think bigger. So we're focused on areas where we believe A I can meaningfully reduce customer friction, uh increase predictability across product to market and ultimately unlock enterprise productivity. Um, there's lots more that we could share in the context of what we're doing. We live, our headquarters are in the Bay area. Uh, so we continue to work with our neighbors modernizing our organization, partnerships with Google Cloud, many exciting opportunities to drive innovation across our business and we'll obviously we'll keep you updated on all of that as things move forward. 07:42 Speaker A Richard, of course, um, you and I, we can't control the stock market. We can't control what's happening over there in the Middle East. But what you can control as the CEO of Gap is what you sell your products for. Now, how concerned are you this spring is going to be really a a spring selling season for GAAP and retail of of discounts because consumers are more pressured, their their gas prices are higher, their their bills and other areas are higher because of what's happening in the Middle East. Like what levers are you prepared to fill? 08:21 Speaker B Well, look, we we're always living in a competitive environment and it's our job to offer the best product, best price, best quality to break through if you will from the competition and grow our business and we have been. Obviously, I mentioned two years of consecutive comps, it's also been market share growth, which really indicates that we are winning in the competitive landscape. Now, as you know, uh it is a promotional and highly competitive landscape, um and promotion level is very much dependent on the competitive environment that we're operating in. It's our job to deliver on our customers needs and wants. Our top priority is to execute the product and marketing to drive interest and demand. Um in the fourth quarter, we were actually less promotional year over year and we drove greater impact and excitement. It's a strong proof point uh of the strength of our brands and our marketing effectiveness. So as we move into 2026, of course, we'll continue to be strategic about our use of promotions. Uh we are obviously aiming to compete. Um and any promotional strategy that we currently have is already built into the gross margin outlook that we provided yesterday. 09:37 Speaker A On Athleta, Richard, uh, look, Lululemon's been sucking wind. I don't even think they have a real CEO running that company, they're being attacked by an activist investor. Why isn't Athleta doing better and when will that business turn? 09:54 Speaker B We, uh, look, we're we're we're disappointed in our athlete trend. And as I've shared very transparently our prior efforts, uh, overrotated to attract a new consumer, uh, and the product that we offered just lacked resonance. Now, we brought in Maggie Gaugler, she's fantastic and under Maggie's leadership, she's only been there for a few months. The team has been re architecting the assortment and most importantly, it's based on consumer insights. We're bringing back customer favorites, but we're building those items into key franchises. You know, Brian, you know this, you know, this is a category that thrives on innovation, uh, and our team is developing a really exciting pipeline of innovative products. Uh we believe in this brand, you know, despite our challenges, we've maintained authority in the category. We're the number five brand in the women's active space and we've held that ranking. We've got net sales of over a billion dollars. So it's a meaningful brand in our portfolio and it's profitable. Um Athleta, you know, it holds a distinctive position in the marketplace. It's a women's only brand, it's a B Corp brand. These are distinctive attributes and we need to do a better job persona personifying this brand going forward. 2026 is about rebuilding it for growth. Progress will take time, but I'm confident in the brand and the path going forward. 11:27 Speaker A Richard, let's get some men's stuff in there. Any compression stuff that I could put on my body and make me look buff or I'm all for, dude. Um, just, I'm just sign me up, man. 11:35 Speaker B We'll, we'll make it specifically for you. 11:40 Speaker A All right. That's all I can ask. Uh, Richard Dixon, good to see you. Have a good weekend. We'll talk to you soon. 11:46 Speaker B Thank you so much.
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