Retail in Asia

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Gap posts 11pc growth in February sales

Clothing retailer Gap Inc. reported an 11 percent increase in net sales in February 2013 compared with the same period last year.

Net sales for the four-week period ended 2 March 2013 were USD966 million compared with net sales of USD874 million for the four-week period ended 25 February 2012.

"Building on our successful 2012 performance, we’re pleased with the company’s overall sales results in February," said Glenn Murphy, chairman and chief executive officer of Gap Inc.

Gap Global posted a 2 percent growth versus the negative 2 percent last year, while Old Navy Global recorded a 6 percent growth versus 5 percent last year. However, Banana Republic Global recorded a negative 5 percent growth versus the positive 11 percent last year.