Gap Inc.’s first-quarter sales fell 43%, the clothing maker reporter Thursday, as its stores were shut for much of the period due to the coronavirus pandemic.
Here's how the company did during its fiscal first quarter:Analysts were calling for Gap to lose 67 cents per share on revenue of $2.3 billion, according to Refinitiv data. However, it is difficult to compare reported earnings to analyst estimates for the quarter because of the impact of the pandemic.
The crisis forced Gap to close all of its stores, which hurt its ability to generate revenue. Without cash coming in the door, Gap stopped paying rent. The retailer is the largest non-anchor tenant in terms of the rent it pays to
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