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Gap Shares Slide on Second-Half Fears

September 10, 1998| Bloomberg News

Shares of Gap Inc. fell 4% on concerns that a slowing economy could limit sales gains in the second half of the year at the third-largest U.S. clothing chain. Gap, whose stores include GapKids and Banana Republic, fell $2.44 to close at $58.50 on the NYSE. Gap's sales and profit have soared this year as it boosted advertising spending, added more inventory and widened its selection of basic styles such as jeans and khakis. But gains have become more difficult in the second half as Gap faces tougher year-over-year sales comparisons and the possibility of weaker consumer spending. Shares of San Francisco-based Gap had risen by as much as 72% this year, reaching a record close of $66.75 on July 14.

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