(CNBC) Gap Inc. on Thursday slashed its profit guidance for the full year as it reported a decline in fiscal first-quarter sales, which were dragged down by its Old Navy business. Shares fell around 13% after hours, after closing the day up 4%. An imbalanced mix of clothing sizes, ongoing inventory delays and an uptick in price-lowering promotions put a dent in Old Navy’s performance during the quarter.
Gap shares fall 13% after retailer slashes profit guidance for the year
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