Cheap Is Chic

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    NEWSLETTERS

    The Gap

    Cheap clothes are in. Look no further than Gap for confirmation.

    The San Francisco-based clothing store reported that rising sales at its low-price Old Navy chain helped the company post a 3 percent increase in second-quarter net income.

    Gap also said Thursday that its board has authorized a new $750 million share repurchase program, bringing the total share repurchases authorization in fiscal 2010 to $1.75 billion.

    Gap's net income for the quarter that ended July 31 was $234 million, or 36 cents per share. That beat analyst estimates and compares with $228 million, or 33 cents per share, a year earlier.

    Revenue rose to $3.32 billion from $3.24 billion.

    In addition to Old Navy and Gap stores, the company operates Banana Republic and several websites.