By  on August 21, 2014

Gap Inc. weathered the promotional climate well in the second quarter, logging gains in profits and sales even as its gross margin declined.

The company also said that it had signed a franchise agreement with Arvind Lifestyle Brand Ltd., a subsidiary of Arvind Ltd., to open stores in India. The first stores will open in the nation’s largest cities, Mumbai and Delhi, by summer 2015 and about 40 Gap stores are planned under the arrangement.

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