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Apparel chains Gap Victoria’s Secret & Co. and Abercrombie & Fitch reported declining quarterly sales as consumers shift their spending away from clothing and other discretionary items.
The results, following lackluster earnings reports from many department stores and big-box chains, were weaker than investors had expected. Victoria’s Secret and Abercrombie both lowered their sales targets for the year, while Gap withdrew its guidance as its interim chief executive aims to stem losses.
