By  on November 17, 2011

Gap Inc. said Thursday that third-quarter net income dropped by almost a third to $193 million from $303 million in the year-ago period, and warned that margins will be under pressure in the fourth quarter.

Diluted earnings per share in the third quarter ended Oct. 29 were 38 cents, down 21 percent from last year. Comparable-store sales fell 5 percent, while total sales decreased 2 percent to $3.59 billion, compared with $3.65 billion for the third quarter last year.

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