Shares of Gap Inc (NYSE:GPS) intially dropped more than 5% on Friday after the company reported first-quarter earnings and cut its full-year profit guidance.
On Thursday, Gap reported a first-quarter adjusted EPS loss of 44 cents, missing consensus estimates of a 13-cent loss. Gap reported revenue of $3.48 billion, beating analyst expectations of $3.46 billion. Revenue was down 13% from a year ago.
