Gap is slashing its full-year sales outlook as Old Navy disappoints |
Gap is slashing its full-year sales outlook as Old Navy disappoints
Old Navy comparable sales grew just 1% in the first quarter, well below the 3% analysts had expected
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Gap $GPS cut its full-year sales forecast on Thursday after its largest brand, Old Navy, fell short of expectations in the first quarter, sending Gap stock down more than 14% in after-hours trading.
Analysts had forecast 3% comparable sales growth at Old Navy, but the brand managed only 1% in the first quarter. With Old Navy generating close to 60% of Gap's total revenue, its 1% comparable sales gain — against analyst expectations of 3%, per CNBC — dragged down the........