**Gap Sales Miss Estimates**
Gap Inc. reported quarterly sales on Thursday that fell short of market expectations, highlighting the challenges facing its new CEO Sonia Syngal.
Total sales for the first quarter ended May 4 dipped 1% to $3.49 billion, missing analysts’ estimates of $3.51 billion. Comparable sales, which exclude sales from stores closed for more than a year, edged up a meager 0.5%, also below market projections.
The sales shortfall was particularly pronounced in Gap’s namesake brand, where comparable sales declined 7%. Banana Republic, another struggling brand within the portfolio, saw a 1% decrease in comparable sales.
Despite the disappointing results, Syngal expressed cautious optimism, stating that she was .
