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Gap's Q3 profit rises 9.4%; OKs $1 billion share repurchase authorization
San Francisco -- Gap Inc. reported a 9.4% increase in third-quarter profit as the retailer's turnaround continues. The company also reaffirmed its full-year profit guidance and said it is increasing its stock buyback authorization by $1 billion.
The chain posted net income of $337 million in the three-month period ended Nov. 2, compared with $308 million last year.
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Gap, Banana Republic offer omni-channel ‘reserve in store’
San Francisco – Gap Inc. is rolling out its “Reserve in Store” capabilities to all U.S. Banana Republic stores and more than 200 Gap stores in 15 major U.S. markets. The launch, which follows a successful pilot in San Francisco and Chicago-area Gap and Banana Republic stores, makes it easy for customers to shop online or with their mobile device, place items on hold and pick them up in local stores.