USA: Gap's Woes Continue Amid Tumbling Sales
Troubled apparel chain Gap Inc on Wednesday posted a fourth-quarter loss compared to a huge profit in the year-ago period as its sales slumped 11 per cent in the quarter to $4.1 billion from $4.6bn in 2001.
The No.1 US apparel group reported a loss of $34 million, or four cents a share, down sharply from a profit of $272m, or 31 cents a share, in 2001, but roughly in line with analysts#; expectations.
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