By  on August 22, 2019

Gap Inc., suffering another poor quarter, nonetheless remains confident going forward with its plan to spin off Old Navy into a separate public company next year.

On Thursday, the $16 billion Gap reported that earnings in the second quarter ended Aug. 3 practically halved, declining to $168 million from $297 million in the year-ago period, while comparable-store sales fell 4 percent, with Old Navy down 5 percent. The business was hurt by slowing traffic and product demand.

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