Gap's quarterly profit rises 2.8 percent
Reuters
Published Feb 23, 2017 04:26PM ET
Gap's quarterly profit rises 2.8 percent
(Reuters) - Apparel chain Gap Inc (N:GPS) reported a 2.8 percent rise in profit for the all-important holiday quarter, helped by higher demand for its Gap and Old Navy brands.
The company's net income rose to $220 million, or 55 cents per share, for the fourth quarter ended Jan. 28 from $214 million, or 53 cents per share, a year earlier.
Excluding items, the company earned 51 cents per share.
Net sales rose 1 percent to $4.43 billion, the first sales increase after seven straight quarterly declines.
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Written By: Reuters
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