Gap cuts 2019 profit forecast

May 30, 2019

(Reuters) – Gap Inc cut its full-year earnings forecast on Thursday, after the apparel maker reported a decline in first-quarter sales across its major brands.

The San Francisco-based company cut its adjusted earnings forecast to $2.05 to $2.15 per share, from a previous range of $2.40 to $2.55.

“This quarter was extremely challenging,” Chief Executive Officer Art Peck said about the company’s first-quarter results.

(Reporting by Uday Sampath in Bengaluru; Editing by Sriraj Kalluvila)

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