Gap Profit Tops Estimates as Increased Discounts Boost Sales
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Gap Inc., the biggest U.S. specialty-apparel retailer, posted third-quarter profit that exceeded analysts’ estimates as mall retailers deepened discounts to woo shoppers before the holiday season.
Net income for the quarter ended Nov. 2 rose 9.4 percent to $337 million, or 72 cents per share, from $308 million, or 63 cents, a year earlier, the San Francisco-based company said today in a statement. Analysts projected 71 cents, the average of estimates compiled by Bloomberg.