Gap stumbles in disappointing first quarter earnings, aims to cut capital spend by half

Gap Inc. stock sank in after-hours trading on Thursday after the San Francisco retailer reported a 43% drop in first quarter sales. Driven by Covid-19-related store closures, Gap finished with $2.11 billion in revenue, down from $3.71 billion a year earlier. Analysts had estimated revenue would be about $2.3 billion. The company saw a $1.24 billion operating income loss compared with a $316 million profit in the first quarter last year.  Like other retailers, Gap has suffered severely during the…