GAP Stock Drops Amid Mixed Q1 Results and Weaker Outlook
Gap Inc. (NYSE: GAP) stock fell sharply after the company reported mixed first-quarter results with earnings per share of $0.38, below estimates, and revenue of $3.5 billion also missing expectations. The decline was driven by a cut in full-year sales guidance to 1%–2% growth from 2%–3%, citing weaker performance at Old Navy and reduced consumer spending on discretionary apparel.
Tickers: $GAP
Topics: consumer spending earnings guidance cut revenue miss