Published on 2 Dec 2021 on Zacks via Yahoo Finance
Bear of the Day: The Gap, Inc. (GPS)
The Gap, Inc. GPS shares tanked following its Q3 financial release on November 23. The apparel chain fell victim to the all too familiar hyper congested global supply chain that raised costs and hampered its revenue.
What’s The Story?
The Gap is a specialty apparel giant, with brands that include its namesake, as well as Old Navy, Banana Republic, and Athleta. The company’s sales fell 16% last year and dipped 1% in 2019. Clearly, covid crushed its business, as people didn’t need to get dressed up for much. That said, The Gap’s sales have fallen on a YoY basis in four out of the past six years.