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Profits up at Gap

Profits at US casualwear business Gap Inc grew by 26% to $238 million (£115.3m) for the three months to November 3.

However, comparable store sales fell 5% year-on-year over the period. Gap International saw comparable sales slide 4%. Only the group’s Banana Republic chain showed a growth, with like-for-likes up 1%.

Overall, net sales were flat at $3.9 billion (£1.9bn) for Q3, while online sales grew 36% to $247m (£119.6m), compared with $182m (£88.17m) for the same quarter last year.

Chairman and chief executive Glenn Murphy said: "During the third quarter, we made progress in driving earnings growth by managing our inventory and reducing expenses. Our brands are focused on the upcoming holiday season and providing customers with a compelling store experience."

Readers' comments (2)

  • What has happened to Gap? I've been a really good customer of theirs ever since they arrived here. Now I can't find anything to buy, mainly because when the U.S was responsible for it, it carried my size (above a size 12!). Now it never has my size in stock. American casualwear is so good, but they don't have any anymore! Acres of unwearable underwear, and my local store in Putney is so hot you can't go in the fitting room! The air conditioning broke down over a year ago and they haven't fixed it. What a disaster!

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  • Take it as a have been saved from the world of bland. The transiition from buying safe, corporate design to having to seek out an individual alternative could be a little stressful at first.......but as with any changes in habit, it only takes a while to adjust. Once embraced, a whole new you will emerge. Trust me.

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