Gap posts flat sales growth in Q3

Gap Inc. said that its third quarter results reflected flat sales versus last year, supported by 5 percent growth in comparable sales, which was driven by a 61 percent increase in online sales. The company said in a statement that net sales were impacted by the company’s ongoing strategy to close unprofitable stores. Gross margin increased 160 basis points versus last year to 40.6 percent, while the company delivered 25 cents earnings per diluted share.