Richard Dickson’s first anniversary as CEO of The Gap took an unexpected turn following an early morning earnings report blunder.

The 56-year-old executive, recognized for triggering Barbiemania and revitalizing Mattel, had anticipated the Old Navy clothing chain to unveil its second-quarter earnings after regular trading hours in New York.

However, the financial results were mistakenly published on the company’s website in the morning local time, leading to a nearly 10 percent drop in share value, prompting the stock to be temporarily suspended from trading.

“As soon as we became aware of the error, we informed the NYSE (New York Stock Exchange) and trading was halted,” stated a representative from Gap.

Once trading resumed, investors seemed pleased. The parent company of Banana Republic and Athleta revealed a 5 percent increase in second-quarter sales, alongside an 8 percent rise in net sales at Old Navy compared to the same quarter last year.

Founded in 1969 by Donald and Doris Fisher in San Francisco, California, Gap has been pursuing a business turnaround by introducing more trendy styles and maintaining stringent cost controls. The company notably closed its 81 stores in the UK and Ireland in 2021.

Gap confirmed its net sales and operating expense projections for the current fiscal year while also raising its gross-margin outlook. The retailer now anticipates an annual gross margin increase of approximately 200 basis points, revising its earlier expectation of at least a 150-basis-point rise. For the three months ending August 3, Gap reported net sales of $3.72 billion, up from $3.55 billion the previous year.

By early afternoon in New York, shares had rebounded, climbing 3.1 percent, or 69 cents, to reach $23.12.