Gap Inc. CEO Art Peck To Step Down; Lowers Earnings Guidance - Quick Facts

(RTTNews) - The Gap Inc. (GPS) said the company's president and chief executive officer Art Peck will step down from his position and from the company's Board. Effective immediately, Robert Fisher, current non-executive chairman of the Board, will also serve as president and CEO on an interim basis.

Separately, The Gap Inc. said, for fiscal 2019, the company now expects adjusted earnings per share guidance range of $1.70 to $1.75 versus previous guidance of $2.05 to $2.15. Analysts polled by Thomson Reuters expect the company to report profit per share of $2.07. Analysts' estimates typically exclude special items.

For the third-quarter, the company expects adjusted earnings per share to be approximately $0.34 to $0.36. Comparable sales were down 4%. Analysts expect the company to report profit per share of $0.55, for the quarter.

Shares of The Gap Inc. were down nearly 10% after hours.