Gap outlook strong after April sales gains
NEW YORK (AP) — Retailer Gap says its sales climbed in April and it forecast first-quarter results better than Wall Street expected.
Gap's shares are up 4.5 percent to $41 in aftermarket trading.
In April, the San Francisco company's sales at stores open at least a year rose 9 percent. The company says its Old Navy chain did particularly well.
Analysts polled by Thomson Reuters expected a gain of 0.5 percent.
For the quarter that ended in April, Gap expects net income of 56 to 57 cents per share on a sales gain of 1 percent, to $3.77 billion. Sales at stores open at least a year fell 1 percent.
Profit and revenue beat the estimates of analysts polled by FactSet.
Gap is scheduled to report its full first-quarter results on May 22.