USA: Gap Q1 Profits Slump 51 Per Cent
No 1 US apparel chain Gap continued its downward slide in the first quarter when earnings slumped by 51 per cent. The San Francisco-based company blamed sluggish consumer spending and declining same-store sales, but added that the outlook was brighter towards the end of the quarter with sales of summer clothing picking up at Gap and its Banana Republic chain.
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