Gap Swings to Profit With Turnaround Under Way Amid Persistent Inflation
Gap Inc.’s
GPS 5.56%
turnaround efforts resulted in a return to a profit in the latest quarter as results for retailers remain mixed amid stubbornly high inflation.
The apparel retailer, whose holdings include Old Navy and Banana Republic, said its third-quarter results highlighted its progress in streamlining its brands and reducing its inventory. Like its competitors, economic uncertainty stemming from inflation has shifted consumer…