Gap Stock Plummets On Wider Q1 Loss, Grim Profit Outlook As Shoppers Shun Casual Apparel

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By Martin Baccardax “Supply chain challenges and persistent delays significantly limited the brand’s responsive abilities” to changing consumer trends, CEO Sonia Syngal told investors Thursday. Gap Inc (GPS) – Get Gap, Inc. Report shares tumbled Friday after the casual clothing retailer posted a wider-than-expected first quarter loss while slashing its full-year profit forecast. Gap, which also operates the Old Navy and Banana Republic brands, said it sees full-year earnings of between 30 cents and 60 cents per share, down from its prior forecast of a $1.85 to $2.05 pe share range, as shoppers…

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