It makes no difference to Millard ("Mickey") Drexler, the master merchant behind Gap Inc., whether business hums or business sputters. He is rarely satisfied. If the former, "I'm pleased," he admits, "but never happy." Certainly the past year's uneven performance did little to put Drexler in the mood to do the khaki swing.
The flagship Gap stores, which account for more than a third of the company's $11.6 billion in sales and estimated $1.1 billion in profits, made their name as a basics retailer with a fashion edge, the message driven home by brilliant advertising. But last May, Gap began to...
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