Shares of Gap Inc fell 8 pct in premarket trading on Friday, a day after the company’s namesake brand posted another bigger-than-expected drop in comparable sales, raising concerns around the unit’s turnaround plan.
Gap typically offers big discounts to entice shoppers to buy last season’s designs, but the company cut back on promotions as it prioritized profit margins over sales in the latest reported quarter, leading to disappointing results at its main brand.
