Retailer to buy own shares
Gap has announced a US$500 million (£279 million) share re-purchase programme over the next 12 months.

The retailer made the statement as it reported net sales of US$1.45 billion (£811.2 million) for the five-week period ending on October 2, a reduction of US$20 million (£11.2 million) compared with the same period last year. Gap International experienced a reduction in comparable store sales of 13 per cent in September compared with the equivalent period last year.

Gap senior vice president, treasury and investor relations Sabrina Simmons said. 'We were disappointed with September, but are taking a long-term view on the business, and are focused on delivering holiday product at Gap, Banana Republic and Old Navy later this month.'

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