Gap sees hit $100 million to first-quarter sales due to coronavirus

(Reuters) – Gap Inc said on Thursday it expected a $100 million hit to first-quarter sales due to the impact of the fast-spreading coronavirus in Asia and Europe.

“Due to the evolving coronavirus situation, we are facing a period of uncertainty regarding the potential impact on both our supply chain and customer demand,” incoming Chief Executive Officer Sonia Syngal said in a statement.

(Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila and Arun Koyyur)