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The Gap (NYSE:GPS) profit up 25%, Shares Open lower
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The Gap Inc. (NYSE:GPS) fell 1% to $21.67 after it said Thursday that its third-quarter profit rose 25% after it controlled inventory to reduce discounts and demand picked up at its largest and lowest-priced sales division, Old Navy.
Net income was $307 million, or 44 cents a share, compared with net income of $246 million, or 35 cents a share, in the year-earlier period. Sales rose 1% to $3.59 billion.
Analysts, on average, estimated Gap to earn 42 cents a share on sales of $3.59 billion, according to FactSet Research. Analysts raised their forecast after Gap said earlier this month it had expected its profit to climb between 42 cents and 44 cents a share.
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