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Gap records $932 million loss in Q1

As per recent IBES data from Refinitiv, Gap Inc recorded $932 million loss in first quarter as against $2.11 billion loss predicted by analysts. This was mainly because the apparel retailer had to shut stores to curb the spread of COVID-19. The San Francisco-based brand, which operates nearly 2,800 stores in North America, had recorded a profit of $227 million year earlier.

The loss recorded by the brand also included a $484 million writedown on store and operating lease assets and an inventory impairment charge of $235 million. Net sales declined 43 per cent to $2.11 billion from $3.71 billion.

 
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