Gap's 1Q Profit Down 8 Percent on Currency Fluctuations

May 21, 2015 8:04 PM

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Gap Inc. is reporting an 8 percent decline in its first-quarter profit, as results were hurt by currency fluctuations and persistent sluggish sales at Gap and Banana Republic.

The San Francisco-based retailer reported earnings of $239 million, or 56 cents per share, for the three-month period ended May 2. That compares with $260 million, or 58 cents per share, for the year-ago period. Revenue slipped 3.1 percent to $3.66 billion.

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