The Gap, Inc. (NYSE:GAP) was among the stocks Jim Cramer discussed on Mad Money, along with the recent sell-off in the market.
Cramer mentioned the stock while highlighting the woes of the athleisure space
He commented: How much worse can the athleisure space get? If I say this group’s going out of style, that is putting it lightly… Gap’s athletic division just reported net sales down 12%. They brought in some former Nike executive to right the ship.
So far, it hasn’t worked. It’s early… A few years ago, athleisure was one of the, it was the best consumer trend out there… Back when athleisure seemed unstoppable, it felt like a lifestyle shift. People were wearing sweatpants while working from home, wearing workout clothes and sneakers to dinner… Athleta was supposed to be Gap’s growth engine… Once COVID hit, athleisure practically became the uniform of the pandemic.