Gap Inc. fell on Tuesday as rising costs and discounts thwarted Sonia Syngal’s turnaround after 2 1/2 years as chief executive officer of the clothing retailer.
Chairman Bob Martin is taking over immediately as interim CEO, according to a statement late Monday, and the apparel retailer lowered its expectation for second-quarter operating margin percentage to zero to slightly negative. The shares, which fell as much as 8.7% in New York trading, have lost more than half their value so far this year.
