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Nov 16, 2017

Gap sales beat estimates on Old Navy strength

Old Navy

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Clothing retailer Gap Inc's (GPS.N) quarterly same-store sales beat estimates, as it sold more lower-priced apparel under the Old Navy brand and reined in discounts.

Overall same-store sales rose 3 per cent in the third quarter ended Oct. 28, while analysts were expecting it to rise 1.01 per cent, according to Thomson Reuters I/B/E/S.

The company's net sales rose to US$3.84 billion from US$3.80 billion.