Gap's Q3 profit shows 60% increase year-over-year

11/15/2012 | Reuters

Gap reported strong third-quarter earnings and raised its profit outlook for the year, news that sent shares up 3% and helped calm fears of a slowdown heading into the holidays, analysts said. Turnaround efforts at its namesake chain and a "Mad Men"-inspired line at Banana Republic helped drive higher sales in North America. Gap earned $308 million in Q3, compared to $193 million for the same period in 2011.

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