Gap reported Declining Sales across all four of its brands in its fiscal second quarter, with net sales dropping 8% to $3.55 billion compared to the same period last year. Same-store sales were down 6% and gross margins increased by 3.1 percentage points to 37.6%. The company warned of an "uncertain consumer" and projected net sales to decrease in the low double-digit range for the fiscal third quarter. Gap's new CEO, Richard Dickson, is tasked with breathing new life into the struggling brands.

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