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Gap: shares up after better-than-expected results

( - Struggling apparel giant Gap said on Thursday that its third-quarter net profit fell by almost 50%, although it still topped Wall Street estimates.

The US retailer said that net income dropped to 140 million dollars, or 37 cents per share, from 266 million dollars, or 69 cents per share, a year earlier.

Net sales were 4 billion dollars, slightly down from the 4.1 billion dollars posted a year ago.

The company's third-quarter comparable sales were down 4%, versus flat last year.

"We are not pleased with the third quarter results and are focused on aggressively addressing the operational issues that are hindering the performance of our brands," said interim CEO Robert Fisher.

Looking ahead, the company - which is looking for a new chief executive - still expects full-year EPS of between 1.38 dollar and 1.47 dollar.

Gap also said that it continues to make progress in its plans to spin off of its "Old Navy" brand.

The shares are currently up 2.2% in morning trading on the New York Stock Exchange.

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