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Gap sales and profits rise

Profits at Gap rose 3% in its second quarter to July 31 to $234m (£150.7m), the US fashion giant reported.

Sales across the business were ahead 2% for the period to $3.32bn (£2.13bn). Online sales also grew, up 15% to $258m (£166m).

Gap will launch its first transactional website in the UK on August 27 for its Gap and Banana Republic fascias.

Like-for-like sales for Gap’s international business including the UK grew 3% for the quarter compared to a 5% decline for the same period last year.

Gap chairman and chief executive Glenn Murphy said: “Our economic model helped us deliver both sales and earnings growth for the second quarter, while we navigated some challenges along the way.”

He added: “Looking forward, we’re committed to our strategy of growing sales and market share in North America as we also invest in our long-term global and online initiatives.”

Gap has also said its board has authorised a new $750m (£483m) share repurchase programme.

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