Gap store in Greenwich Village, NYC

Gap Inc. posted another down quarter, reporting that net income declined 29.3 percent to $248 million in the period ended  Oct. 31,  from $351 million in the corresponding year-ago period.

Net sales declined 2.9 percent to $3.86 billion, from $3.97 billion a year ago.

“With a challenging third quarter behind us, we are sharply focused on holiday execution across all channels,” said Art Peck, Gap’s chief executive officer.

On a comp sales basis, Gap Global was down 4 percent; Banana Republic Global was down 12 percent, and Old Navy Global was up 4 percent.

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