Gap Profits Decline as Store Closings Planned

The company that owns Gap, Banana Republic and Old Navy reported a 40 percent drop in its profits as revenue continued to decline, according to an Associated Press report on mycentraljersey.com.

Gap Inc. "had sales of $4.28 billion for the fourth quarter, down from $4.36 billion in the year-ago period. Revenue at stores opened at least a year was down 4 percent."

The chain, based in San Francisco, announced in October that it planned to close 189 stores, including 21 percent of its U.S. Gap stores, by the end of 2013. The specific stores that will be closed have not been announced.

The chain, which has in Lawrence, has the following local stores:

• stores in Quaker Bridge Mall in Lawrence.
• on Nassau Street in Princeton.
• in East Brunswick.