Retail in Asia

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Gap’s net drops 40pc but results top forecasts

Gap reported a 40-percent drop in fourth-quarter net income as the clothing retailer grappled with higher costs and discounted heavily to get shoppers in its stores during the crucial holiday season.

The San Francisco clothing chain said on Thursday that it earned USD218 million, or 44 cents per share, in the three-month period ending on 28 Jan. That compares with USD365m, or 60 cents per share, in the year-ago period.

Revenue fell to USD4.28 billion from USD4.36B in the year-ago period. Revenue at stores opened at least a year, a key metric of a retailer’s health, fell 4 percent.
 

(Source: CNBC)