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Old Navy comparable sales fell 4% in the second quarter, worse than expected, dragging down Gap's annual revenue target
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Gap $GPS lowered its full-year net sales growth forecast on Thursday after Old Navy, its largest brand, posted a steeper-than-expected decline in the second quarter.
The company now expects full-year net sales to grow 1% to 1.5%, down from a prior range of 1% to 2%. The revision reflects Old Navy comparable sales of flat to down 1% for the year, compared with a prior expectation of flat to up 1%, the company said.
