SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Thursday reported a fiscal first-quarter loss of $932 million, after reporting a profit in the same period a year earlier.
The San Francisco-based company said it had a loss of $2.51 per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 65 cents per share.
The clothing chain posted revenue of $2.11 billion in the period, also falling short of Street forecasts. Six analysts surveyed by Zacks expected $2.41 billion.
Gap shares have dropped 31% since the beginning of the year, while the Standard & Poor's 500 index has declined nearly 4%. In the final minutes of trading on Thursday, shares hit $12.14, a decrease of 36% in the last 12 months.