U.S. retailers slash clothing prices as shoppers cut purchases

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By Arriana McLymore NEW YORK (Reuters) -Inflation-weary U.S. shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks. Gap was the latest retailer to report a slump in apparel shopping for the second-quarter, saying on Thursday that net sales slumped 8% from a year earlier to $3.86 billion. Earlier this month, executives at U.S. giants Walmart and Target offered deep discounts and rollbacks on clothing. Gap is “taking actions to sequentially reduce inventory, rebalance our assortments to better meet changing consumer needs,” Katrin…

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