Daphne Howland

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John Furner has been reshaping his team since taking over from Doug McMillon as the retail giant’s chief executive earlier this year.

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The department store posted some improvement in the period but margin gains were meager, and sales are expected to be flat at best this year.

Internal flubs, not customer malaise, were the cause and have been addressed, Gap Inc. CEO Richard Dickson said Thursday. But is competition from off price a growing problem for the value brand?

The department store made some strides in its turnaround last year but ended fiscal 2025 with weakness on the top and bottom lines.

The lingerie giant’s “promo detox” meant more full-price selling in Q1, and both the namesake and Pink brands took market share.

As it improves merchandising and customer experience at 200-plus stores, some analysts now see the department store taking share from weaker rivals.

Earlier this year the plus-size retailer relaunched a direct-mail campaign that proved to be highly effective in acquiring and reactivating customers.

The company will slash debt by 75%, get $500 million in new financing and aim for $9 billion in GMV by 2030. But customers need to come back now.