Gap Cuts Annual Profit Forecast as Sales Continue to Slide
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Gap Inc., the largest apparel-focused retailer in the U.S., cut its full-year profit forecast after declining sales and heavy discounting dragged down results.
Earnings will be $2.38 to $2.42 a share this year, excluding some items, the San Francisco-based company said in a statement Thursday. The company had previously forecast profit of as much as $2.80.