GPS stock gained after Gap said that its earnings for the quarter would be between 56 cents and 57 cents, topping the 53 cents that Wall Street had forecast. GPS said that April same-store sales shot up 9%, confounding analysts who had expected a same-store sales dip of 0.5%, Bloomberg notes.
Gap — which will release its official quarterly earnings on May 22 — said that its Old Navy brand saw sales jump 18% in April, while Banana Republic sales rose 7%. Sales at the company’s Gap brand grew 3%.
Yesterday, GPS stock closed at $39.24 per share.
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