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Gap Misses First-Quarter Same-Store Sales Estimates

Comparable sales rose 1 percent, while analysts were expecting  a 1.67 percent uptick.
A Gap store in Connecticut | Source: Flickr/Mike Mozart
By
  • Reuters

SAN FRANCISCO, United States — Apparel retailer Gap Inc. on Thursday reported first-quarter comparable store sales that missed estimates, hurt by a slump in demand for its namesake brand.

Overall same-store sales rose 1 percent in the three months ended May 5, while analysts were expecting a rise of 1.67 percent, according to Thomson Reuters I/B/E/S.

The company's net income rose to $164 million, or 42 cents per share, in the reported quarter from $143 million, or 36 cents per share, a year earlier.

By: Uday Sampath and Nivedita Balu; Editor: Anil D'Silva

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