Things have been a little off for Gap of late. First, the stock has underperformed shares of Macy’s and JC Penney since mid-March. Second, after notching seven straight quarters of year over year adjusted EPS growth, Gap’s adjusted earnings for each share has declined for two straight quarters. Third, inventory growth has outpaced sales growth for five consecutive quarters, a no-no in retail. And finally, the Gap brand’s same-store sales missed consensus forecasts in June. However, Gap's July sales beat consensus, and the company issued second quarter guidance above estimates. Is Gap turning it around? Brian Sozzi reports.