The Traderszone Network

Published in TZ Latest News 19 November, 2015 by The TZ Newswire Staff

Gap cuts full-year profit forecast as dollar weighs

A series of fashion misses, particularly in women’s merchandise, have turned shoppers away from the Gap brand toward competitors such as American Eagle Outfitters Inc (AEO.N), H&M, Forever 21 and Inditex’s (ITX.MC) Zara. The strengthening of the dollar, particularly against the Japanese yen and Canadian dollar, hit sales by about $100 million in the third quarter, the company said on Thursday. Company-wide comparable sales fell 2 percent, dragged by a 4 percent drop at the Gap brand and a 12 percent decline at the Banana Republic division.