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Published November 21, 2008, 12:00 AM

Gap’s profits edge up on cost cuts

Apparel chain Gap Inc. reported Thursday that its third-quarter profit rose 3.4 percent as cost-cutting efforts like inventory control offset a sales slump. The company also affirming its profit guidance for the full year.

NEW YORK (AP) — Apparel chain Gap Inc. reported Thursday that its third-quarter profit rose 3.4 percent as cost-cutting efforts like inventory control offset a sales slump. The company also affirming its profit guidance for the full year.

The San Francisco-based company said after the markets closed Thursday that it earned $246 million, or 35 cents per share, in the three months ended Nov. 1. That compares with $238 million, or 30 cents per share, in the same period a year earlier.

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