Gap’s 4th-Quarter Profit Down 12.5 Percent

Singer Anna Calvi and rapper Theophilus London in Gap Spring/Summer 2014 campaigns | Source: Gap

NEW YORK, United States — Gap Inc. is reporting a 12.5 percent drop in fourth-quarter profit on a 3 percent decline in revenue as the clothing retailer was forced to discount heavily over the holiday shopping season to entice customers.

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Gap Increases Worker Pay Amid Debate About Minimum Wage

Singer Anna Calvi and rapper Theophilus London in Gap Spring/Summer 2014 campaigns | Source: Gap

SAN FRANCISCO, United States — Gap Inc., the owner of Old Navy, Banana Republic and its namesake apparel chain, will raise its hourly pay for U.S. employees to $9 in 2014 and $10 the following year, saying it wants to “do more than sell clothes.”

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