(Filed Under Financial and General Interest News). Gap Inc. reported that its third-quarter profits fell 36 percent as the company continues to close dozens of U.S. locations.
Gap earned $193 million, or 38 cents a share, compared with $303 million, or 48 cents a share, in the prior year’s period. Total sales decreased 1.8 percent to $3.58 billion from $3.65 billion, while revenue at stores open at least one year fell 5 percent, including online sales.
Gap Inc. announced it would cut its square footage in the United States by 10 percent by 2013, amounting to 189 U.S. store closures, while intending to double international revenue and continue opening locations overseas. The company also announced plans to repurchase up to $500 million worth of its shares. Year to date, the company has repurchased about 107 million shares for $2 billion.
San Francisco-based Gap Inc. is a global retailer offering specialty apparel and accessories under the Gap, Banana Republic, Old Navy, Piperlime and Athleta brands.
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