Gap CEO defends struggling Athleta brand despite slower turnaround

Gap Inc CEO Richard Dickson said the turnaround at Athleta is taking longer than expected, but the retailer remains committed to rebuilding the struggling activewear brand.

Gap CEO defends struggling Athleta brand despite slower turnaround. Gap Inc CEO Richard Dickson said the turnaround at Athleta is taking longer than expected, but the retailer remains committed to rebuilding the struggling activewear brand. "Athleta is an important brand in the portfolio," Dickson said on CNBC's " Mad Money " on Friday. "We are in the rebuild year." On Thursday, Gap reported weaker-than-expected results for Athleta, where first-quarter sales fell 12% to $270 million and comparable sales declined 11%. On the company's earnings call, management described Athleta as a "slower rebuild," warning second-quarter trends are expected to remain similar to the first quarter. Athleta's comp sales also were down 10% and 11% in the fourth and third quarters of last fiscal year, reflecting its challenges. Athleta's woes aren't the only...