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Gap Plunges on Earnings Miss and Analyst Downgrade

Shares of Gap  (GPS) – Get Report plunged Wednesday after the clothing retailer posted third-quarter earnings that missed analysts’ forecasts, prompting at least one analyst to downgrade the stock.

Gap shares were down more than 10% in premarket trading on Wednesday after the San Francisco company posted third-quarter earnings of 25 cents a share, down from 37 cents in the year-ago quarter and below the 27 cents expected by analysts polled by FactSet.

Sales at the company’s namesake stores as well as its Banana Republic, Old Navy and Athleta brands rang in at $3.99 billion, helped in part by a 61% jump in online sales, though that was offset by a 20% drop in brick-and-mortar sales, driven by consumers’ hesitancy to visit physical stores and spend money during the pandemic.

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