Gap Exceeds Estimates as Athletic Selection Boosts Sales

Gap Inc. reported quarterly profit that topped analysts’ estimates, as sales of low-priced clothing and athletic gear buoyed the results of the biggest apparel-focused retailer in the U.S.

Net income was $260 million, or 58 cents a share, compared with $333 million, or 71 cents, a year earlier, the San Francisco-based company said in a statement yesterday. Analysts had estimated 57 cents on average, according to data compiled by Bloomberg. Net sales rose 1 percent to $3.77 billion in the period, which ended May 3.