Gap Inc. reported a loss of 75 cents per share for the fourth quarter, below the 46-cent decline expected by Wall Street. The retailer did manage to cut its net loss for the year to $202 million compared to $256 million in 2021. Gap suffered from sales declines, excess inventory and a need for a permanent CEO through 2022. Interim CEO Bob Martin said the company’s board had narrowed its search for a new leader.
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