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.
The Latino population, experts predict, will see their buying power grow to $1.5 trillion by next year.
Layaway could be "disastrous" for the financially irresponsible, Today.com reports.
Wal-Mart's VP of corporate communications is leaving after a background check revealed he hadn't finished his college degree.
CoverGirl responded to images circulated on social media over the weekend of a model sporting NFL-inspired makeup and a black eye.
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