Old Navy saves face in Gap results

Gap has reported a third consecutive quarter of positive comparable sales and management is keen to emphasise that its various investments and plans are starting to pay off. But while the company has made some progress, we are less confident Gap is firmly in recovery mode. The improvements are very imbalanced, with Old Navy underpinning all of the growth. As much as this stabilises the group, it masks underlying problems at other brands. Old Navy remains the undoubted star of the show. This quar

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