Gap, which owns names like Gap, Old Navy and Banana Republic and is trying to come out of a serious sales slump, would like to be that someplace else. In 2017, Gap expects that sales at existing stores will be "flat to up slightly," which would reverse several years of declines. Gap, which previously announced its fourth quarter results, confirmed that sales and profits rose during the holiday quarter. Overall, net income rose to $220 million, or 55 cents per share, from $214 million, or 53 cents per share, a year earlier. Same-store sales rose 2%, whereas in the same period a year earlier they fell 7%.

Source: Forbes February 23, 2017 21:55 UTC