Gap's 2Q profits drop 19 pct

NEW YORK (AP) ? Gap Inc. is reporting a 19 percent drop in second-quarter profit as it was forced to slash prices to get shoppers to buy its clothes.

The nation's largest clothing retailer, based in San Francisco, earned $189 million, or 35 cents per share, in the quarter ended July 30. That compares with $234 million, or 36 cents per share, a year ago. Revenue rose 2 percent to $3.38 billion.

Analysts had expected 33 cents per share on revenue of $3.39 billion in the quarter.

The chain's revenue at stores opened at least a year fell 2 percent, dragged down by declines at Gap and Banana Republic. At low-price Old Navy, business was unchanged.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2011-08-18-Earns-Gap/id-0f03f3a0acc9441a8fb8b22a91d9af79

music downloads music downloads john wood tallinn csco monkey pga tour