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.
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