By  on February 29, 2008

Fashion, store traffic and real estate problems persist, but Gap Inc. pulled off a good fourth quarter in a tough economy, thanks to expense reductions and inventory controls.

And the retailer plans to stick to that agenda this year. In presenting his plan to Wall Street, Glenn Murphy, who joined Gap Inc. as chairman and chief executive officer in August, said the chain will sharply cut back on its North American store-opening program this year and downsize many existing units.

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