Retailer set ‘to compete’ for holiday sales

San Francisco-based Gap Inc. slipped on third-quarter profit that fell 36 percent, confirming challenges the clothier faces heading into the holiday shopping season. The operator of the Banana Republic, Gap, Old Navy, and Athleta chains has been struggling to reclaim its former fashion status. Continued deep discounting and rising costs have only compounded the largest US clothing seller’s troubles. Despite its woes, CEO and chairman Glenn Murphy said this week the company is “ready to compete’’ in the critical holiday season. “We’ve got to make sure that our marketing works harder, that our windows are great, that our store presentation is stronger than you’ve seen,’’ Murphy said.