US Fashion retailer Gap has said that fourth-quarter net income rose nearly 4% in 2010 as a result of rising sales abroad, online and at its higher price Banana Republic and lower price Old Navy chains. The retailer reported quarterly net income of $365m (£226.4m). Like-for-like sales did not change. For 2011, the retailer plans to open about 75 new franchise stores and 50 company-owned stores abroad, including 10 to 15 in China, 8 to 10 in Italy and 25 outlet stores.

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