NEW YORK (
The Gap Inc.
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
on average expected the apparel maker to post fiscal first-quarter earnings of 69 cents a share on revenue of $3.68 billion.
, 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..
"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.
-- Written by Laurie Kulikowski in New York.
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