GAP: “The lower-income consumer, which is Old Navy’s target...

GAP: “The lower-income consumer, which is Old Navy’s target customer, is starting to feel pinched by inflation, Chief Executive Officer Sonia Syngal told CNBC. Shoppers also have quickly shifted from buying up active clothes and fleece hoodies — Old Navy’s “sweet spot” — to looking for party dresses and office clothes, she said in a phone interview.“We’re dealing with really volatile consumer signals — whether it was last year in Covid, or this year’s post-Covid behaviors,” said Syngal. “Over time, we’ll see customer preference for product types balanced out.”