Gap Had Nowhere to Hide in Q1
The Weather Gave Them Every Chance. The Market Took $1.6 Billion Anyway.
Last November, I warned that Gap was right for the wrong reasons — that great weather, not execution, was supporting their results, and that they would be blindsided when conditions reversed.
What happened next made the story worse than I anticipated.
The weather didn’t reverse in Q1 2026. It got better. February through April delivered one of the warmest springs in more than 130 years. Multiple regions ranked among the warmest on record. The national temperature ran more than 5 degrees above normal for the entire window.
