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Large Gap between expectations and retailer's earnings

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Did you avoid rushing off to Gap last month to buy a pair of boyfriend trousers because you filled your (March) Easter basket with them or because it was chilly? That's what Gap is scrambling to say after releasing April numbers well below expectations today. Same-store sales fell dramatically (16%) and total revenue took a 11% nose-dive from the same period last year. Old Navy experienced the most performance fleece anxiety, with same-store sales dropping 20%. Profit margins shrank, due in large part to large spring clearance sales.
A parody of the boyfriend trouser ad:

Gap's margins narrow as sales tumble [MarketWatch]