Gap Q3 profits slip 47 percent

The company said on Thursday its Q3 net profit dropped. Compared with the same period last year, revenues also slipped by 2.2 percent.

The company's net profit for Q3 was 140 million dollars, dropped from 266 million dollars a year earlier. Furthermore, revenues decreased to 3,998 million dollars. Compared to 7 percent a year ago, the profit margin of the company slipped to 4 percent.

The Gap (NYSE: GPS) is an American clothing and accessories retailer. It was founded in 1969 by Donald Fisher and Doris F. Fisher and is headquartered in San Francisco, California. The company also owns Banana Republic, Old Navy, Intermix and Athleta. Gap Inc. is the largest specialty retailer in the United States and with 3,723 stores worldwide it is 3rd in total international locations, behind Inditex Group and H&M.

As of 2019, Gap has more than 135,000 employees and operates over 3,200 stores.

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