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Hiccups at the GAP

 (Image source: Ap)

September sales were down 3 percent at the Gap Inc. (NYSE:GPS). Analysts were expecting a 1.6 percent gain. This just shows the continued weakness in the apparel sector. The weakness in my opinion will drive retailers to provide deep discounts for the holiday shopping season, which will further depress sales. Its outlets Old Navy and Banana Republic also didn’t fare well. Sales were down 5 percent at Banana Republic and 3 percent at Old Navy. According to the CEO Glenn Murphy September was “somewhat challenging”.