Gap Sales Beat Expectations, Powered by Growth at Old Navy
Gap Inc. posted better-than-expected quarterly results, bolstered by its Old Navy and namesake brands.
Comparable-store sales in the three months ended May 3 rose 3% at Old Navy and 5% at Gap, surpassing the average analyst estimate. Revenue of $3.5 billion in the period also outperformed expectations, but struggles deepened at Gap's smaller Athleta and Banana Republic brands.
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