Shares of Gap (NYSE: GPS) were plunging 18% lower in morning trading Wednesday after the apparel retailer posted disappointing third-quarter earnings.
The strides Gap had been making on the back of the strength of its Athleta brand, which continued to perform well, faltered this quarter as profits fell short of expectations. The retailer reported earnings of $0.25 per share compared to Wall Street forecasts of $0.27 per share.
Add to that a clouded outlook for the fourth quarter due to rising numbers of COVID-19 cases, and Gap's stock was tumbling from the outset.
Source Fool.com