Gap Profit Off, Sees More Store Closings
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Gap Inc. GPS.N, the largest U.S.  specialty apparel retailer, on Thursday reported a slight  decline in quarterly profit, meeting lowered forecasts, after  summer clearance sales drew surprisingly small crowds.
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By Bloomberg, AP and Staff Reports  Dillard's Inc. reported first-quarter profits Wednesday of $42.9 million, down 30 percent from the $61.3 million the department store chain earned in the same period a year before.
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U.S. apparel chains, which are already suffering from slow back-to-school spending, on Wednesday saw their shares take a hit from a rating downgrade of industry leader Gap Inc.
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The company also said that its Home Shopping Network and lending profits fell short of internal targets.
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No 2. U.S. book retailer Borders  Group Inc. BGP.N on Tuesday posted a quarterly loss versus a  year-ago profit, hurt by sluggish store traffic and a slowdown  in sales of bestsellers.
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The company reported a sharp decline in its fourth-quarter profit compared with results a year ago that were fattened by a gain, but sales were up 1.7 percent.
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U.S. home goods retailer Bed Bath &  Beyond Inc  posted a lower quarterly profit on Thursday  and warned its fourth-quarter results would be lower than  expected, sending its shares down almost 10 percent.
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Gap Inc. (GPS.N), the largest U.S. specialty apparel retailer, on Thursday reported a 7 percent decline in quarterly profit, meeting lowered forecasts, after summer clearance sales drew surprisingly small crowds.
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Discount retailer Dollar General Corp.   DG.N on Thursday posted a 40 percent drop in quarterly profit   on weakening demand for higher-margin products and withdrew its   earnings forecast for the rest of the year.
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Clothing retailer Gap sees its latest profits rise 19% as continuing cost-cutting offsets a fall in sales.
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The Gap had a dismal November sales period.
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U.S. retailers will close stores and reduce square-footage growth plans this year to offset slowing sales, slumping stock prices, a saturated market and a penny conscious shopper, analysts said on Sunday.
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Retailer Macy's Inc.  cut its quarterly profit outlook on Thursday as June same-store sales came in lower than expected, and its shares fell nearly 4 percent.
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U.S. home goods retailer Bed Bath & Beyond Inc  posted a lower quarterly profit on Thursday and warned its fourth-quarter results would be lower than expected, sending its shares down almost 10 percent.
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The clothing retailer's profits take a hit on weather woes and bigger-than-expected markdowns
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Retailer Gap Inc. , seeking to focus on problems at its two main apparel chains, said on Monday it would shut down its newest chain, Forth & Towne, a move that will affect about 550 employees.
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Food company General Mills Inc.   on Thursday posted sharply lower quarterly profit,  pressured by higher costs, increased marketing spending and  restructuring charges.