Gap Lowers Profit Forecast as Sales Slump at Namesake Brand
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Gap Inc., the biggest U.S. apparel-focused retailer, cut its annual profit forecast as sales at its namesake brand continue to fall.
Earnings per share in the year through January will be $2.73 to $2.78, the San Francisco-based company said in a statement yesterday. That’s down from the company’s earlier guidance of $2.95 to $3. Analysts estimated $2.91, on average.