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Gap Beats Top and Bottom-Line Expectations

NEW YORK ( TheStreet) -- The Gap Inc. (GPS - Get Report) reported first-quarter results that topped analysts' expectations for both profit and revenue.

Gap posted a profit of $333 million, or 71 cents a share, for its fiscal first quarter ended May 4, increasing from $233 million, or 47 cents a share during the year-earlier quarter. The company posted revenue of $3.73 billion, an increase of 6.9% from a year earlier.

Analysts polled by Thomson Reuters on average expected the apparel maker to post fiscal first-quarter earnings of 69 cents a share on revenue of $3.68 billion.

Also see: Gap Falls As Murphy Trumpets Global Growth Plans

Gap, which also owns Old Navy, Piperlime, Athleta and newly-acquired Intermix, said same-store sales rose 2% from the 2012 period. Same-store sales rose 4% from the 2011 to 2012 first quarter.

Gap said its earnings included "a positive impact from the calendar shift created by the 53rd week in fiscal year 2012 and a benefit from the favorable resolution of tax positions in the quarter."

The San Francisco-based company reaffirmed its full year 2013 diluted earnings per share guidance of $2.52 to $2.60.

Shares were down 1% in aftermarket trading, to $41.07..

Also see: Abercrombie Forced To Apologize

"We are pleased with our strong start to the year, especially first quarter sales," Gap's chairman and CEO Glenn Murphy said in the earnings statement. "We remain focused on continuing to deliver shareholder value."

Broken down by brand, the company's comparable sales were:
  • Gap: positive 3% versus positive 2% last year;
  • Old Navy: positive 3% versus positive 4% last year;
  • Banana Republic: flat versus positive 5% last year.

Also see: Children's Place Spikes As Guidance Is Raised

-- Written by Laurie Kulikowski in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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