Gap’s quarterly sales plunge 43% on coronavirus hit

(Reuters) – Gap Inc on Thursday reported a 43% fall in first-quarter sales, as the apparel retailer was forced to close its stores due to the COVID-19 pandemic.

Net loss came in at $932 million, or $2.51 per share, for the three months ended May 2, compared with a profit of $227 million, or 60 cents per share, a year earlier.

Net sales fell to $2.11 billion from $3.71 billion.

(Reporting by Nivedita Balu in Bengaluru; Editing by Amy Caren Daniel)