Business
Old Navy Stumbles, Sending Gap Shares Lower
Gap investors may be in for a tough day tomorrow.
Shares fell roughly 14% in after-hours trading after the apparel retailer cut its full-year revenue outlook and reported slowing sales for its Old Navy chain. The apparel retailer said Thursday it now expects revenue to increase 1% to 2% this year, down from its prior outlook of 2% to 3% growth.
In total, first quarter sales rose 1% to $3.5 billion, slightly less than the $3.52 billion that analysts surveyed by FactSet expected.
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