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 SAN FRANCISCO (AP) - Gap Inc.'s fourth-quarter profit fell 35 percent in a gloomy performance that triggered a recent management purge and doomed the slumping retailer's newest chain. After releasing the results Thursday, the San Francisco-based company warned the upcoming year is likely to bring more turbulence as a new management team tries to stock Gap's stores with more appealing clothes while trimming expenses that had been rising on the expectation of higher sales.
"There are no quick fixes in this business," Gap Chairman Bob Fisher said during a Thursday conference call that represented his first public remarks since he became the company's interim chief executive officer six weeks ago.
Fisher, the son of Gap's founder, replaced Paul Pressler, who stepped down after a dismal holiday shopping season.
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