Gap's sales bleed continued in the first quarter.
The specialty chain warned Monday first-quarter revenue and profits would fall short of Wall Street's expectations, and issued a forecast for the period that reflected the slower traffic it saw in its stores, which led to more discounting.
After the market closed, Gap said it achieved $3.44 billion in net sales during the first quarter. That compares with consensus estimates from Thomas Reuters calling for $3.54 billion, and the $3.66 billion in sales it posted during the prior-year period.