Gap, the largest US-based clothing retailer, posted second-quarter profit. Net income rose 9.6 per cent to US $ 332 million, from $303 million, a year earlier. “Building on last year’s strong performance, we are pleased to have grown our sales three percent and delivered solid improvement in earnings per share. We remain focused on our strategic initiatives, as we turn our focus toward delivering a strong second half,” said Glenn Murphy, chairman and CEO, Gap Inc.
The retailer’s net sales rose 2.9 per cent to US $ 3.98 billion in the period, which ended on August 2nd. The spike is attributed to the lower-priced Old Navy, who led the company’s sales gains for the second straight quarter.
