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Why Gap Stock Was Sliding Today

TheMotleyFool

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Shares of Gap Inc. (NYSE: GPS) were falling today after the casual apparel giant said that CEO Art Peck was stepping down. It also gave disappointing preliminary guidance for the third quarter. As a result, the stock was down 7% as of 1:08 p.m. EST.

Peck's resignation wasn't much of a shock, since the retailer, which also owns Banana Republic and Old Navy, had limped along during his five-year tenure as CEO. Gap and Banana Republic have significantly underperformed and lost market share to fast-fashion competitors like H&M and Uniqlo. Over the last five years, Gap stock has fallen 57%.

Image source: Gap.

Source Fool.com

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