Gap Stock Slides; Company Warns of Up to $300 Million in Tariff Costs
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Gap estimates tariffs will add up to $300 million in costs this year, but says it doesn't plan to raise prices to offset levies. The company behind Old Navy, Banana Republic and its namesake brand said its total tariff-related costs will be between $250 million and $300 million if current rates remain. Chief Executive Richard Dickson said the company plans to double its sourcing of American cotton.
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