**Gap Inc. missed Wall Street’s sales estimates for the fourth quarter, underscoring the challenges facing new CEO Sonia Syngal as she attempts to revive the struggling retailer.**
**Key Highlights**
* Net sales declined 5% to $4.24 billion, below the $4.33 billion analysts had anticipated.
* Comparable sales dropped 6% in the quarter, marking the sixth consecutive quarter of declines.
* The company’s profit tumbled 51% to $201 million, or $0.55 per share.
* Gap brand sales decreased 7%, while Old Navy sales were down 3% and Banana Republic sales plummeted 11%.
**CEO’s Perspective**
Sonia Syngal, who took over as CEO in February 2020, acknowledged the disappointing results but expressed confidence in the company’s long-term prospects.
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