USA: Gap Profit Plunges To $37 Million
Troubled clothing retail giant Gap Inc on Thursday saw its woes continue as it posted a steep 68 per cent slide in first quarter earnings to $37 million from $115m in the year-ago period. The San Francisco-based operator of 4,228 stores said sales fell nine per cent to $2.9 billion as they were hit by 18 per cent lower inventory and heavier markdowns.
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