Gap says tariffs will cost hundreds of millions but doesn't expect 'meaningful' price increases

Gap is expecting new tariffs would impact its business by hundreds of millions of dollars, if they remain in effect, the company said Thursday when announcing fiscal first-quarter earnings. Shares fell more than 15% in after-hours trading.In a news release, Gap said new 30% duties on imports from China and a 10% levy on imports from most other countries will cost the company between $250 million to$300 million but, for now, it's leaving that impact out of its guidance. The company said it's planning to mit ...