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Gap Reports Growth

By FashionUnited

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Global fashion retailer Gap, said it remained focused on continuing the turnaround that began more than a year ago to generate growth in its core brands. It further plans to look at international expansion opportunities, starting early next year.

Gap has been working hard to revive its business after 29 straight months of falling sales that ended in October last year. It has cut expenses, improved merchandise and advertising and reduced store openings.

Last week Gap provided evidence that the company's recovery still has momentum when it reported profit nearly doubled in the third quarter - it's fifth consecutive quarter of earnings growth.

The autumn range featured corduroy and was heavily promoted with an advertising campaign featuring Missy Elliott and Madonna. Third-quarter sales rose 8 per cent to USD3.9bn. Sales at stores open at least a year - a leading measure of retail performance known as same-store sales - were up 6 per cent, compared with a rise of 2 per cent one year ago.

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