By Alexandria Sage 12 minutes ago LOS ANGELES (Reuters) - Gap Inc (GPS.N) posted a 26 percent rise in quarterly earnings on Wednesday but a raised forecast failed to match some Wall Street targets, and shares fell about 6 percent.Chief Executive Glenn Murphy said the retailer of casual clothing faced a "tough economic environment" for the holiday sales season, which kicks off in earnest this weekend after the U.S. Thanksgiving holiday.
Cost-cutting measures, restructuring and managed inventory helped boost profit at the apparel giant that has been battling slumping sales, but quarterly sales at established stores fell 5 percent in the third quarter.
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