Gap Profit Down 1%; Sales Up 2%

SAN FRANCISCO -- Gap Inc. reported late Thursday third-quarter net income fell 1% to $303 million, or 48 cents a share, from net income of $307 million, or 44 cents a share, in the year-earlier period. Sales rose 2% to $3.65 billion. Gap, which also owns Banana Republic and Old Navy, reiterated its 2010 profit target. Gap shares fell 2% in after-hours trade. The stock is unchanged for the year. Copyright © 2010 MarketWatch, Inc.