Business

Gap’s 1st-Quarter Profits Rises 43 Percent

View Comments
(Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

Get Breaking News First

Receive News, Politics, and Entertainment Headlines Each Morning.
Sign Up

SAN FRANCISCO (CBS/AP) – Gap Inc. is reporting a 43 percent increase in first-quarter earnings as the clothing chain’s turnaround continues.

The San Francisco-based clothing retailer, which operates the Gap, Old Navy and Banana Republic clothing chains, says that it earned $333 million, or 71 cents per share, for the three-month period ended May 4. That compares with $233 million, or 47 cents per share, in the year-ago period.

Revenue rose 6.9 percent to $3.73 billion.

Analysts had expected earnings of 69 cents per share on revenue of $3.73 billion.

The San Francisco company reiterated its full-year profit outlook

Gap’s performance shows how the company’s efforts to attract customers with brightly colored fashions, new designer collaborations and lively marketing are helping to boost sales.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 54,000 other followers