Gap Inc.'s stock climbed 6% to $24.57 a share after the company reported first-quarter profit that beat analyst forecasts.
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Gap fends off retail apocalypse, climbs on earnings beat (GPS)
Gap Inc.'s stock climbed in after-market trading after the company reported first-quarter profit that beat analyst forecasts.
The adjusted gain for the period was $0.36 per share, exceeding consensus estimates of $0.29 per share. The clothing retailer also reported quarterly revenue of $3.44 billion, beating an analyst forecast of $3.39 billion. Further, same-store sales climbed 2%, while estimates called for a 0.2% contraction.
A boost to Gap's stock will be welcome news for shareholders that have suffered through a 13% drop over the past week. The stock has slipped 24% since reaching an almost 14-month high on November 17.
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