GAP Profits

GAP yesterday announced a 19% rise in profits for the second quarter. The company has more than 100 outlets in Britain and the profits for April to June had risen to £76 million from £63 million for the same time a year ago. Online sales were up 26% with revenues 1% down from £1.85 billion. GAP, the San-Francisco based company has 3000 outlets worldwide with job cuts of about 1600 this year in a process of trying to improve profits. The company is currently chaired by Glenn Murphy who became chairman & chief executive 2 months ago.