Gap Fails to Beat Profit Estimates for First Time in 8 Years
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Gap Inc. failed to top analysts’ quarterly profit estimates for the first time in almost eight years, a sign its namesake brand remains mired in a slump.
Earnings declined to 56 cents a share, the San Francisco-based company said in a statement on Thursday. Though that matched analysts’ predictions, Gap investors are accustomed to seeing more. The company had previously beat estimates 31 quarters in a row, according to data compiled by Bloomberg.