Clothing and accessories retailer, The Gap, Inc. (GPS) has reported weaker-than-expected results for the third quarter ended October 30, 2021. A drop in net sales was primarily responsible for the muted results. Following the disappointing earnings, shares of the company declined 16.2% to close at $19.70 in Tuesday's extended trading session. Revenue & Earnings Gap reported quarterly net sales of $3.94 billion, down 1.3% from the same quarter last year. Moreover, the figure failed to surpass the consensus estimate of $4.47 billion. A year-over-year fall of 6.1% in net sales from the Old Navy Global segment contributed primarily to the overall dip in net sales.
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Gap (NYSE:GPS)
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