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Gap Q3 income falls 1%, sales up 2%


San Francisco -- Gap said its third-quarter net income fell 1% to $303 million for the period that ended Oct. 30. That compares with $307 million a year earlier.

Revenue rose 2% to $3.65 billion, boosted by increases in online and international sales. Same-store sales were flat.

"We improved the top line and grew our earnings per share this quarter while keeping a clear focus on North America and making strategic global investments, including new market entries in China and Italy," said Gap CEO Glenn Murphy in a statement.

Year to date, the company has opened 44 stores weighted towards international outlet and closed 57 stores weighted towards Gap brand. For fiscal 2010, the retailer now expects to close about 100 stores, the majority of its namesake brand, compared with its previous guidance of 110 stores.

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