Slump hits GAP shops

US clothing giant GAP saw an 8pc slump in pre-tax profits to €1.2m.

However, turnover at the company increased by 24pc during the period to €10.4m.

Accounts filed at the Companies Office show turnover at Gap Stores (Ireland) Limited show that it retained a net profit of more than €1m, a drop from €1.1m the previous year.

The firm, which has stores in Dundrum Town Centre in Dublin and Cork's Opera Lane, also has a concession in Arnotts department store.