Gap Inc. experienced a significant drop in its stock price, falling over 10% in after-hours trading, after announcing disappointing sales results from its largest brand, Old Navy. For the fiscal first quarter, Old Navy's comparable sales grew only 1%, falling short of the 3% growth analysts had anticipated. Consequently, Gap revised its sales guidance, now expecting companywide sales growth between 1% and 2%, down from a previous estimate of 2% to 3%. Despite the sales setback, Gap raised its adjusted earnings per share forecast to between $2.30 and $2.40, compared to the earlier range of $2.20 to $2.35. The company reported net income of $339 million, or 90 cents per share, a significant increase from $193 million, or 51 cents per share, in the same period last year. CEO Richard Dickson attributed the weak sales performance to a lack of appealing spring and summer products rather than broader economic issues. In contrast, Gap's own brand reported a strong 10% growth in comparable sales, highlighting a successful marketing strategy.