Surprise — Gap had a happy holiday

Gap Inc. turned in a positive holiday performance, reversing a string of declines, fueled by strong results from its Old Navy division and improvements by its namesake unit. The apparel giant also boosted its guidance for the year.



Gap’s net sales for the November and December holiday season edged up 1% compared to the year-ago period. Total same-store sales rose 2%.



Gap net sales for the five-week period ended December 31, 2016 increased 3% to $2.07 billion. Same-store sales for December rose 4% versus a 5% decrease last year.



Gap’s Old Navy division was the star of December, with a 12% increase in same-store sales. Same-store sales rose 1% at Gap Global, and fell 7% at Banana Republic.



Based on its results, Gap said it now expects earnings to be "modestly above” the high end of its previous adjusted guidance range of $1.92."