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Thursday, November 05, 2009
Gap Sales Rise a Better-than-expected 4%
By Andria Cheng
MarketWatch Pulse
NEW YORK -- Gap Inc. , the largest U.S. clothing chain, said its October same-store sales rose 4%. That beat analysts' average estimate of a 1.6% increase, according to Thomson Reuters. The gain was driven by a better-than-expected 14% increase at Old Navy and an unexpected 5% jump at Banana Republic. Sales at the company's namesake chain in North America declined a bigger-than-expected 6%. Gap also said it expects per-share profit in the third quarter to rise about 20% to 42 cents to 44 cents a share, above analysts' average estimate of 38 cents a share.
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