Gap Profit Tops Estimates as Old Navy Boosts Sales
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Gap Inc., the largest U.S. apparel-focused retailer, posted second-quarter profit that topped analysts’ estimates as bargain-hunting shoppers snapped up discounted clothing at its Old Navy chain.
Net income rose 9.6 percent to $332 million, or 75 cents a share, from $303 million, or 64 cents, year earlier, the San Francisco-based company said in a statement yesterday. Excluding a gain from an asset sale, profit was 70 cents a share. Analysts had estimated 69 cents, on average, according to data compiled by Bloomberg. Net sales rose 2.9 percent to $3.98 billion in the period, which ended Aug. 2.