Shoppers have spent more money at Old Navy which has helped increase Gap’s 25% compared to last year. Sales in Old Navy stores open at least a year rose 10 percent after sliding for at two years. Gap is going to focus on a new TV campaign for the Gap brand, its first since 2006. The company, whose other brands include Banana Republic, Athleta and Piperlime, said it will offer deep holiday discounts to attract shoppers away from competitors.
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Gap reported third-quarter earnings of 44 cents a share on net sales of $3.59 billion, up 1% from a year earlier. GPS continues to make moves in the right direction to help increase earnings.
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