RTTNews | Nov 25, 2020 10:28AM EST

10:28 Wednesday, November 25, 2020 (RTTNews.com) - Shares of Gap Inc, (GPS) are falling more than 17 percent or $4.66 in Wednesday's morning trade at $22.22 after the apparel retailer's third-quarter net income declined from last year.

Tuesday, Gap reported third-quarter net income of $95 million or $0.25 per share, down from $140 million or $0.37 per share in the year-ago period. Net sales edged down 0.2 percent to $3.99 billion from $4.00 billion last year, reflecting a 61 percent surge in online sales that was offset by a 20 percent decline in store sales.

Gap did not provide any outlook for fiscal 2020, citing the uncertainty related to the COVID-19 pandemic.

Gap has traded in a range of $5.26 to $26.99 in the past 52 weeks.

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