Gap tumbles 18% after Q3 earnings fall short

Wednesday, 25. November 2020 16:51

Shares of Gap Inc. sank over 18% on Wednesday following the release of third-quarter financial results which came under the estimated figures.

At the time, Gap revealed its earnings per share stood at $.25 in its fiscal third-quarter, revenue landed at $3.99 billion and same-store sales went up by 5%. However, the company insisted it "remains optimistic” ahead of the holiday season and that it's relying on the power of consumer confidence.

Gap's stocks plunged 18.11% to sell for $22.0 at 10:50 am ET. Still, the stock is 24.60% higher compared to the start of the year.

Related Links: The Gap Inc.
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Breaking the News / ND