Gap Inc. Lowers Sales Outlook After Q1 Miss; Shares Drop Over 17%
Gap Inc. reported weaker-than-expected first-quarter results, missing earnings and revenue estimates for the second consecutive quarter due to underperformance at Old Navy. The company cut its full-year sales outlook but raised its earnings guidance, leading to a sharp decline in share price.
Tickers: $GAP
Topics: retail sales outlook stock price drop