Gap Q3 Profit Rises

(RTTNews) - Apparel company Gap Inc. (GAP) on Thursday reported an increase in profit for the third quarter as revenues grew.

Third-quarter net sales were $3.829 billion, up 2% from $3.767 billion last year. Comparable sales were up 1% year-over-year.

Net income for the quarter were $274 million or $0.72 per share, compared to $218 million or $0.58 per share last year.

Analysts polled by Thomson Reuters expected earnings of $0.58 per share on revenues of $3.81 billion for the quarter.

Looking forward to the full year 2024, the company now expects sales growth of 1.5% to 2.0%, compared to prior estimate of revenue to grow slightly.