Gap Looks to Streamline Business as Sales Decline Continues

Gap Inc. said it would take steps to streamline its business, including evaluating its Banana Republic and Old Navy operations outside North America, as it posted comparable sales declines across its brands. The company also said it expects earnings for the first quarter to come in much weaker than analysts had expected — the company forecast 31 cents to 32 cents a share of earnings, below market expectations of 44 cents a share.