Gap Raises Forecast As Second-quarter Profit Beats Estimates
Teen apparel retailer Gap Inc reported a better-than-expected quarterly profit and sales and raised its full-year profit forecast, helped by strong sales of its low-priced Old Navy clothes. Comparable sales at Old Navy stores, which cater to a slightly older customer base, rose 4 percent in the second quarter ended Aug 2. Gap rival Aeropostale Inc on Thursday reported a 13 percent fall in second-quarter comparable sales.
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