Investing
Gap misses quarterly sales estimates as consumer spending weakens
© Reuters. FILE PHOTO: The Gap logo is seen on the front of the company’s store in Paris, France, July 1, 2021. REUTERS/Sarah Meyssonnier/File Photo
(Reuters) – Gap Inc (NYSE:) missed Wall Street estimates for quarterly sales on Thursday, hit by softness in demand as budget-strained American customers cut back their spending on accessories and apparel.
The company’s net sales fell to $3.55 billion in the second quarter from $3.86 billion a year earlier. Analysts on average had estimated sales of $3.57 billion, according to Refinitiv data.
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