Published May 22, 2014
Gap Inc (GPS) reported a 22 percent fall in quarterly profit hurt by weak demand for its Gap and Banana Republic apparel brands.
Net income fell to $260 million, or 58 cents per share, for the first-quarter ended May 3 from $333 million, or 71 cents per share, a year earlier.
The company had estimated a profit of 56-57 cents per share when it pre-announced results on May 8.
Net sales rose 1.2 percent to $3.77 billion, but comparable-store sales fell 1 percent, Gap said on Thursday.
(Reporting by Shailaja Sharma in Bangalore; Editing by Joyjeet Das)