Gap Inc. reported its seventh straight quarter of sales declines Thursday, which sent shares (GPS) spiraling down more than 12 percent the following morning. The San Francisco-based company’s net sales decreased 2 percent to $3.8 billion in the third quarter ended Oct. 29, compared with $3.86 billion last year. Profits fell to $204 million or 51 cents per share, versus $248 million or 61 cents per share.

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