Gap's 1st-quarter net income declines 22 percent

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Associated Press

Posted on May 22, 2014 at 1:02 PM

Updated Thursday, May 22 at 1:02 PM

NEW YORK (AP) — Gap says first-quarter profit fell 22 percent, as the clothing chain had to step up discounting to bring in customers earlier in the year when unusually cold weather chilled business.

The San Francisco-based retailer, which operates stores under Gap, Old Navy and Banana Republic, reiterated its annual profit outlook

Gap says it earned $260 million, or 58 cents per share, in the three-month period ended May 3. That compares with $333 million, or 71 cents per share, in the year-ago period.

Revenue rose 1.2 percent to $3.77 billion.

Analysts had expected earnings per share of 57 cents on revenue of $3.76 billion, according to FactSet.

Revenue at stores opened at least a year fell 1 percent.

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