San Francisco, California based Gap Inc, which operates five well known brands is struggling with declining sales. On Thursday, shares of the apparel company dropped almost nine percent during the after-hours trading.
It followed an announcement from the clothing retailer that reported its March results, revealing a slide in sales for the twelfth straight month. The retailer reported drop in comparable sales for three of its biggest brands in March. The company also warned entering April with a high levels of inventory that could affect the profit margins.