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Gap Restates Profit


San FranciscoSan Francisco, Gap Inc. has restated its profit for the past three years to reflect a change in how the retailer accounts for its store leases. The revisions produced a minor lift for the chain. Gap said it earned $378 million in the fourth quarter of last year compared with the previously reported $370 million. The company’s 2003 profit rose by $600,000 to $1.301 billion while 2002 net income edged up $300,000 to $478 million.

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