Shares of The Gap, Inc. (GPS) are down more than 6% in premarket on Tuesday after the retailer announced departure of its chief executive officer Sonia Syngal.
On an interim basis, Bob Martin, the company's current executive chairman of the Board, will be the president and chief executive officer, effective immediately, Gap said.
Further, for the second quarter, the company sees net sales to decline in the high-single digit range, in line with its prior outlook. Adjusted operating margin percentage for the quarter is expected to be zero to slightly negative.
"The company continues to navigate margin headwinds and, as previously communicated, still expects to incur an estimated $50 million of transitory incremental air freight expense in the quarter as well as inflationary costs on raw materials and freight," Gap said.
Gap is scheduled to report its second quarter results on August 25.
GPS closed at$8.76, down 1.57% on Monday. It has trading the range of $8.16 - $32.26 in the past 52 weeks.
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