Gap profit falls 26% on losses at failed business, markdowns (Los Angeles Times)
Gap profit falls 26% on losses at failed business, markdowns (Los Angeles Times)
The retailer reiterates its earnings outlook for the year and says CEO search could take time. Clothing retailer Gap Inc. reported a 26% drop in fiscal first-quarter profit Thursday because of increased markdowns at Gap stores and losses at its failed Forth & Towne business.