**Gap Inc’s (NYSE:GPS) sales missed analysts’ estimates in the first quarter, underscoring the challenge new Chief Executive Officer Katrina O’Connell faces in reviving the struggling retailer.**
**Key Highlights**
* Net sales decreased 13% to $3.5 billion, below estimates of $3.6 billion.
* Comparable sales fell 10%.
* Gap brand sales dropped 13%, while Banana Republic sales declined 12%.
* Old Navy, the company’s largest brand, saw a 9% decline in sales.
* Net loss widened to $162 million, or 41 cents per share, from $159 million, or 39 cents per share, a year earlier.
* Adjusted loss per share was 44 cents, wider than estimates of a 37-cent loss.
**CEO’s Comments**
In a statement, O’Connell acknowledged the disappointing results but expressed confidence in the company’s long-term strategy.
.
