Gap shares fall after it cuts full-year forecast
Shares of Gap Inc. dropped the most in almost 10 years Friday after the apparel chain cut its full-year profit forecast by 22 percent because costs to make clothes rose faster than expected.
Fiscal 2011 profit will be as much as $1.50 per share, the San Francisco company said after markets closed Thursday. Gap had previously forecast a maximum of $1.93 per share.
Full story: Gap shares fall after it cuts full-year forecast