Gap Jumps After Posting Better-Than-Expected Earnings
- Inventory growth slowed as Gap pared excess merchandise
- Performance driven by gains at Gap, Banana Republic brands
A customer enters a Gap retail store in New York.
Photographer: Gabby Jones/BloombergThis article is for subscribers only.
Gap Inc. posted quarterly sales and profit that surpassed Wall Street’s estimates -- a sign the apparel retailer is making progress in controlling an inventory buildup that had eroded investor confidence earlier this year.
Comparable sales, a key gauge for retailers, rose 1% in the quarter ended Oct. 29. That’s better than the 3.4% decline from analysts surveyed by Bloomberg.