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.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

 

 

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