Gap Predicts a Weak Quarter as Cool Summer Takes Its Toll

Gap (GPS Quote) reported disappointing July sales Wednesday and said that second-quarter earnings won't meet analysts' expectations.

Summertime Blues Back and forth at Gap

The San Francisco-based retailer said sales at stores open for at least a year dropped 1% last month, falling short of analysts' estimates, which called for 1% to 4% growth. Sales were dragged lower by Gap's once-invincible Old Navy unit, which Gap said recorded a percentage comparable-store sales decline in the high teens. ...