US clothing retailer GAP is the worst performer in the S&P 500 today, falling as much as 5.8%.
That’s a bad sign if you were hoping consumers would spring back to life after a snowy winter. They operate the Old Navy and Banana Republic brands along with the namesake so they access most consumer segments.
So where is the pent-up demand?
The company reported a 6% drop in March same-store sales. They partly blamed a late Easter but also said that March store traffic was well below its expectations and remained negative after snowstorms led to store closings and hurt sales in February.
