News Summary: Gap raises outlook for year

Thursday - 11/15/2012, 6:20pm EST

By The Associated Press

(AP) - BOTTOM LINE: Gap Inc. raised its outlook for the year after the clothing retailer said stronger sales helped lift its net income by 60 percent in the third quarter.

NICE FIT: The San Francisco-based company said sales at stores open at least a year rose 6 percent in North America, with Gap, Banana Republic and Old Navy all logging gains.

CHANGING ROOM: The company is in turnaround mode and last month announced a management overhaul aimed at responding quickly to changing tastes around the world. The company says it's going from an "American-centric company" to more of a global brand.


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