Gap Inc. sank after lowering its full-year forecast and posting first-quarter profit that missed Wall Street expectations due to operational missteps and higher costs.
The apparel retailer, which owns the Old Navy, Banana Republic and Athleta brands, posted a loss of 44 cents a share in the quarter ended April 30 -- below analysts’ average estimate. Full-year earnings, excluding some items, are now seen at 30 cents to 60 cents a share, which is well below the $1.85 to $2.05 range previously provided.
