By  on May 15, 2012

SAN FRANCISCO — North America will be the key region for Gap Inc. this year.

“We were not happy with 2011,” Gap chairman and chief executive officer Glenn Murphy told shareholders at the retailer’s annual meeting here Tuesday. Last year, North American same-store sales dipped 3 percent at Gap and 6 percent at Old Navy, while remaining flat at Banana Republic. The company’s net income fell 17 percent to $833 million, and net sales slid 1 percent to $14.5 billion.

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