Gap Inc. Cuts Sales Outlook After Q1 Miss, Shares Drop 17%
Gap Inc. NYSE: GAP delivered a mixed first-quarter report Thursday after the bell, slightly missing Wall Street’s earnings and revenue expectations for the second consecutive quarter while lowering its full-year sales outlook due to weaker-than-expected performance at its Old Navy brand. Although the company, which is in the midst of a multiyear turnaround, raised its…