Shares of Gap Inc (NYSE: GPS) were moving higher today, after the apparel chain posted better-than-expected results in its third-quarter earnings report and raised its guidance for the full year. As of 12:31 p.m. EST, the stock was up 5.9%.
Image source: Gap Inc.
The parent of brands including Banana Republic, Old Navy, and Gap said that comparable sales increased 3% overall, driven by a 4% jump at Old Navy. Total net sales increased 1% to $3.84 billion, topping estimates at $3.8 billion, and earnings per share increased from $0.51 to $0.58, ahead of expectations at $0.54.
Source: Fool.com