Gap Inc. reported Thursday that profit for the third quarter dropped 36% to $193 million, compared with $303 million a year earlier, as the retailer continued a deep discounting trend and encountered rising production costs.
Gap Inc. announced that it plans to open its first stores in Vietnam and Guam through its franchise channel. In Vietnam, the first Gap stores will open this October followed by the first Banana Republic store in 2012.
Gilt Groupe, an online retailer that specializes in selling sought-after brands at discounted prices to its 3.5 million members, has partnered with Banana Republic to offer its members exclusive access to select pieces from the retailer's upcoming "Mad Men" collection.
Gap Inc. has announced a series of significant management and organizational changes at Gap brand designed to drive more consistent results in North America and to provide a new and dynamic creative leadership structure that will deliver sustainable global growth.