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Gap shocks with sales warning – shares -21 percent

The US fashion chain Gap expects a sharp drop in sales due to global problems in the supply chain.

Gap warned on Tuesday after the US market closed that it was facing a weaker Christmas business due to the ongoing difficulties and that a total of up to 650 million dollars (578 million euros) in revenue could be lost in the current year. In addition, significantly higher freight costs can be expected. The group, which includes brands like Old Navy, Banana Republic and Athleta, cut its annual targets significantly. The Gap share slipped on the NYSE at times by 21.76 percent to 18.40 US dollars.

SAN FRANCISCO (dpa-AFX)

Reference-www.finanzen.at

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