Consumer
Gap Jumps After Lifting Outlook Ahead of Key Shopping Season
- CEO says business is ‘fundamentally better’ than a year ago
- Third-quarter comparable sales miss Wall Street estimates
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Gap Inc. stock soared after it raised its full-year outlook as the apparel retailer attracts wealthier shoppers seeking value.
Gap shares increased as much as 17% in Friday trading in New York, the stock’s biggest gain intraday since May 31. The stock has risen 5.4% this year through Thursday’s close, below the gain of the S&P 400 Midcap Index.