Gap’s 1st-Quarter Profits Rises 43 Percent

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.

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