Gap outlook strong after April sales gains

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Associated Press

Posted on May 8, 2014 at 5:02 PM

Updated Thursday, May 8 at 5:02 PM

NEW YORK (AP) — Retailer Gap says its sales climbed in April and it forecast first-quarter results better than Wall Street expected.

Gap's shares are up 4.5 percent to $41 in aftermarket trading.

In April, the San Francisco company's sales at stores open at least a year rose 9 percent. The company says its Old Navy chain did particularly well.

Analysts polled by Thomson Reuters expected a gain of 0.5 percent.

For the quarter that ended in April, Gap expects net income of 56 to 57 cents per share on a sales gain of 1 percent, to $3.77 billion. Sales at stores open at least a year fell 1 percent.

Profit and revenue beat the estimates of analysts polled by FactSet.

Gap is scheduled to report its full first-quarter results on May 22.

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