Disappointing Holiday Sales Send Gap Shares South
January 9, 2004
Shares of Gap Inc. dropped as much as 13 percent yesterday as investors expressed anxiety over a slight 1 percent increase in combined holiday period same-store sales at Gap, Old Navy and Banana Republic. The report was the first sign of slow-down in the company’s steady 15-month turnaround. Gap also reported a 6 percent decline in the number of shoppers visiting stores during the period.
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