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Gap's Quarterly Sales Down 43% on Coronavirus Hit

Net loss came in at $932 million, or $2.51 per share, for the three months ending May 2.

Reuters

04 June 2020

SAN FRANCISCO, United States — Gap Inc on Thursday reported a 43 percent fall in first-quarter sales, as the apparel retailer was forced to close its stores due to the COVID-19 pandemic.

Net loss came in at $932 million, or $2.51 per share, for the three months ended May 2, compared with a profit of $227 million, or 60 cents per share, a year earlier.

Net sales fell to $2.11 billion from $3.71 billion.

By Nivedita Balu; Editor: Amy Caren Daniel.

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