Retail shares sank at the open Friday, with the Retail SPDR down 1.6% and most major components under heavy pressure.
Gap led the declines on a weak same-store sales report that led at least one analyst to downgrade the stock.
Gap said Thursday that same-store sales in the most recent period fell 6 percent, with the biggest declines at its namesake chain and at Old Navy.
Gap stores saw sales fall 7 percent in the five weeks ended April 5, as did Old Navy. Banana Republic did slightly better, with sales down 4 percent.
"While March performance has been challenging, we remain confident in the opportunities ahead," Gap CEO Glenn Murphy said in a statement.
Gap also warned that gross margins for the fiscal first quarter would decline, with a bigger rate of decline than they posted in the fourth quarter of the last fiscal year.
But the company affirmed its earnings-per-share targets for the year.
American Apparel appointed veteran fashion executive Paula Schneider as CEO, effective Jan. 5.
A man walked into a Walmart and donated $50,000 to pay off all customer layaway accounts in Mechanicsburg, Pa. USA Today reports.
McDonald's in Japan is limiting the portions of fries as potato stocks run short due to labor disruptions.
Those who fell for Cards Against Humanity's Black Friday promotion, received exactly what they paid for: literal cow droppings.
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