Feb 23 (Reuters) - Apparel chain Gap Inc reported a 2.8 percent rise in profit for the all-important holiday quarter, helped by higher demand for its Gap and Old Navy brands.
The company’s net income rose to $220 million, or 55 cents per share, for the fourth quarter ended Jan. 28 from $214 million, or 53 cents per share, a year earlier.
Excluding items, the company earned 51 cents per share.
Net sales rose 1 percent to $4.43 billion, the first sales increase after seven straight quarterly declines. (Reporting by Jessica Kuruthukulangara and Diptendu Lahiri in Bengaluru; Editing by Sriraj Kalluvila)