The Gap Inc.
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On May 20, 2022, during trading hours, The Wall Street Journal published an article entitled “Old Navy Made Clothing Sizes for Everyone. It Backfired. The clothing brand’s push for inclusivity left it with a shortage of middle sizes. ‘It’s super-frustrating.’” The article stated that “Old Navy set out to make clothes shopping more inclusive for women of all body types. It ended up with too many extra-small and extra-large items and too few of the rest, a mismatch that frustrated customers and contributed to falling sales and a management shake-up.” Further, the article stated that “Gap warned that sales for the spring quarter would fall short of expectations in part due to troubles at Old Navy[,]” but that “[t]he extended sizes were the culprit, according to current and former employees.” Finally, the article stated that “Old Navy’s stumbles don’t bode well for Gap Inc. In 2021, Old Navy accounted for 54% of the company’s sales and roughly 80% of profits[.]”
On this news, Gap Inc.’s stock fell 5% to close at $10.33 per share on May 23, 2022, the next full trading day.