News Summary: Gap raises outlook for year

Posted at: 11/15/2012 4:35 PM
By The Associated Press

BOTTOM LINE: Gap Inc. raised its outlook for the year after the clothing retailer said stronger sales helped lift its net income by 60 percent in the third quarter.

NICE FIT: The San Francisco-based company said sales at stores open at least a year rose 6 percent in North America, with Gap, Banana Republic and Old Navy all logging gains.

CHANGING ROOM: The company is in turnaround mode and last month announced a management overhaul aimed at responding quickly to changing tastes around the world. The company says it’s going from an "American-centric company" to more of a global brand.