GAP’s turnaround gathers speed

EMBRACING colour has helped GAP, which also owns Old Navy and Banana Republic, boost its first quarter profit 43 per cent as its turnaround gathers momentum. The clothing chain, whose brightly coloured jeans embraced one of last year’s main fashion trends, saw net income of $333m (£220m), or 71 cents per share, for the quarter ended 4 May, up 42.9 per cent from $223m, or 47 cents per share, for the same period a year ago.