NEW YORK (TheStreet) -- Shares of The Gap Inc. (GPS - Get Report) are higher by 2.71% to $44.35 in pre-market trading on Friday, after the company announced its 2014 second quarter net income increased to $332 million, or 75 cents per diluted share, from $303 million, or 64 cents per share for the same period last year.
Watch the video below for more on Gap's latest quarterly results:
The global specialty apparel company said net sales for the most recent quarter rose 3% to $3.98 billion, compared to $3.86 billion for the 2013 second quarter.Additionally, Gap was upgraded to "buy" from "neutral" at Janney Montgomery this morning, as the firm believes the company is a "best in class" operator and the softline sector is showing improvements.
Must Read: Warren Buffett's 25 Favorite Stocks
Stocks TO Buy: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn More. GPS data by YCharts
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts