NEW YORK—Inflation-weary U.S. shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks.
Gap was the latest retailer to report a slump in apparel shopping for the second-quarter, saying on Thursday that net sales slumped 8 percent from a year earlier to $3.86 billion. Earlier this month, executives at U.S. giants Walmart and Target offered deep discounts and rollbacks on clothing.
