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Gap Q1 profit beats Street
San Francisco -- Gap Inc. said Thursday that profit for the quarter ended April 28 was flat compared with the year-ago period, but its results beat Wall Street forecasts and prompted the retailer to raise its outlook for the year.
Gap reported a profit of $233 million for the first quarter. Revenue rose 6% to $3.49 billion, beating analysts’ estimated $3.46 billion in revenue, and same-store sales rose 4%.