Gap's quarterly profit beats; says plan to split Old Navy in place

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(Reuters) – Gap Inc (N:) on Thursday reported better-than-expected quarterly net sales, nearly two weeks after the retailer’s longtime Chief Executive Officer Art Peck stepped down, sending its shares up 4%.

“We continue to make progress against our separation plans, which will provide improved focus and a further catalyst for transformation,” said Robert Fisher, the company’s interim chief executive officer.

The company in February said it would separate its better-performing Old Navy brand, giving investors hopes that the standalone company would be able to show better results than the Gap brand.

The San Francisco-based company said net sales fell 2.2% to $4 billion in the third quarter ended Nov. 2, but was still above the analysts’ average estimate of $3.96 billion, according to IBES data from Refinitiv.

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