Gap's 3rd-quarter profit up 9.4 percent
Seattle Pi - over 4 years
NEW YORK (AP) — Gap Inc. reported a 9.4 percent increase in third-quarter earnings, but the fashion retailer maintained a conservative annual profit outlook that suggests a tough holiday quarter ahead.
Like many retailers, Gap, which operates stores under names including its namesake, Old Navy, Banana Republic and Athleta, is heading into a fiercely competitive holiday shopping season where merchants are ramping up sales.
The results, nevertheless, were among a few bright spots in a third-quarter earnings season that has many retailers including Wal-Mart Stores Inc. and Kohl's Corp. lowering their guidance in an uncertain economy.
"There's a little bit of fatigue out there when it comes to consumers so the question is, 'Are we disappointed in the consumer sentiment, or ... have we really not been innovative in order to give consumers a value proposition that doesn't look like wallpaper, day in, day out,?' " Glenn Murphy, Gap's CEO, told investors on a conference call after the r...
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