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Gap reports 25% rise in Q2 income

The largest US specialty-apparel retailer, Gap Inc. has reported a 25% rise in its second-quarter profit, as new denim and athletic products boosted sales at its namesake and Old Navy chains, Bloomberg has reported. Net income for the quarter ended August 3 rose to $303m from $243m a year earlier, said Gap. Sales at stores open at least a year rose 5 percent in the quarter, it said. That includes 6% gains at both the Gap and Old Navy brands and a 1% decline at Banana Republic.