Apparel retailer Gap Inc reported a better-than-expected adjusted quarterly profit largely due to higher customer visits to its Old Navy stores in June.
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The company's net income fell to $125 million, or 31 cents per share, in the second quarter ended July 30, from $219 million, or 52 cents per share, a year earlier.
Excluding items, the company earned 60 cents per share, beating the average analyst estimate of 59 cents, according to Thomson Reuters I/B/E/S.
Net sales fell to $3.85 billion from $3.90 billion. (Reporting by Subrat Patnaik in Bengaluru; Editing by Maju Samuel)