Gap’s third-quarter profit drops nearly 18 percent
NEW YORK — Gap’s third-quarter profit fell nearly 18 percent, undercut by costs related to store closures outside North America.
Gap Inc. shares fell nearly 5 percent in after-market trading Thursday as the company said the slump in the number of people visiting its stores continues as it heads into the critical holiday shopping season.
San Francisco-based Gap is facing the same problems as other fashion retailers, with shoppers buying less clothing in general and also favoring off-price chains like T.J.