Gap Inc. reported a first-quarter profit that missed Wall Street expectations, hurt by a deeper slump in demand for its namesake label. The San Francisco-based chain said that overall sales at established stores rose 1 percent, dragged down by a 4 percent drop at Gap. Old Navy and Banana Republic both saw sales rise 3 percent. The chain has been shifting its focus to its growing Old Navy and Athleta stores and away from the Gap and Banana Republic brands. Lower-priced Old Navy, in particular, has been a bright spot.

Source: ABC News May 24, 2018 20:40 UTC