Gap 1Q Profit Rises 43%

Gap Inc reported a higher first-quarter profit on Thursday, helped by a rise in same-store sales at its Old Navy and namesake chains, and growth in Asia.

The company, which also owns Banana Republic, posted net income of $333 million, or 71 cents per share, for the quarter ended May 4, up 42.9 percent from $223 million, or 47 cents per share, in the same quarter last year.

As previously reported, overall sales for the quarter rose 6.9 percent to $3.73 billion, while sales at stores open at least a year rose 2 percent.