Gap and Abercrombie & Fitch slump on unhappy holidays
Shares in two of America's largest clothing retailers plunged on Friday following disappointing third quarter sales and a downbeat forecast for the crucial holiday shopping season.
Gap shares sank by 13.1% after a seventh consecutive quarter of falling revenue and warned that fewer people were visiting stores.
Abercrombie & Fitch's stock fell 13.9% on a poor sales and a weak outlook.
Both have been attempting to revitalise their brands, with limited success.
Neil Saunders, chief executive of Conlumino, the retail research company, pinned the blame for Abercrombie & Fitch's poor... read more
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