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Gap Inc.

Gap issues lackluster outlook for second quarter

Gap Inc. issued a second-quarter earnings forecast that's below Wall Street analysts' estimates, as results were dragged down by West Coast delays, foreign currency fluctuations and moves to close a string of Gap stores. The earnings outlook, announced late Monday, comes as the retailer, which also operates Old Navy and Banana Republic, saw a sales shortfall in the quarter. It also posted a 3 percent drop for a key revenue measure for July. Analysts expected a 2.3 percent decline, according to Thomson Reuters. The latest sales results and lackluster profit outlook from Gap underscores the big challenges that its CEO Art Peck faces in turning around the business. Peck, who...

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