SF-Based Gap Raises Outlook After Stronger 3Q
SAN FRANCISCO (CBS/AP) – Gap Inc. is raising its outlook for the year after its third-quarter net income rose 60 percent from a year ago.
The San Francisco-based clothing retailer said stronger sales at its Banana Republic, Old Navy and namesake stores all contributed to the performance.
For the quarter, the company said it earned $308 million, or 63 cents per share. That’s compared with $193 million, or 38 cents per share, in the year-ago period.
Total revenue rose 8 percent to $3.86 billion.
Analysts on average expected a profit of 62 cents per share on revenue of $3.84 billion, according to FactSet.
Sales at stores open at least a year rose 6 percent in North America. The figure is a key metric because it excludes the volatility of newly opened and closed locations.
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