Gap reported mixed results on Thursday and underwhelming current-quarter guidance.
executive Richard Dickson, who started in the new role on Tuesday. The company is betting the branding expert, who oversaw Mattel's Barbie franchise, can breathe new life into Gap's brands, its namesake banner, Old Navy, Banana Republic and Athleta.
The cuts were designed to remove layers of red tape and bureaucracy to make Gap more nimble in its decision-making and focused on its creative efforts, the company said previously. The layoffs are saving Gap about $300 million, the first half of which will come in fiscal 2023. During its last quarter ended April 29, Gap's margins shot up 5.6 percentage points year over year to 37.1%, sending its stock surging in aftermarket trading despite another quarter of declining sales.
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