Gap International reduced sales by 10 per cent in the third quarter, against 4 per cent growth last year, recording US$440 million (£237.8 million) for the period.
Gap president and chief executive Paul Pressler said: 'We're pleased with our strong year-to-date earnings. For the third quarter, we delivered solid margins and earnings while using our strong cash position to retire debt early and launch a US$750 million [£405.4 million] share repurchase programme. As we hear in to the fourth quarter we are well positioned for holiday.'
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