Gap Shares Jump 4% On the back of Solid Same-store Sales

Shares of Gap Inc. jumped more than 4 percent in Thursday’s extended session following the company’s quarterly report that showed better-than-expected results.

The clothing and accessories retailer posted first-quarter earnings of $143 million, or 36 cents a share, up from $127 million, or 32 cents a share, a year earlier.

While revenue was reported to be flat at $3.44 billion, same-store sales, which were led by an 8% jump in same-store sales at Old Navy, rose 2% in the three-month period to April. Analysts had expected earnings of 29 cents a share on revenue of $3.39 billion.

Gap reaffirmed its 2017 EPS outlook of $1.95 to $2.05, which was in line with Wall Street’s forecast for full year EPS of $1.99.

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