Gap Quarterly Profit Falls 22%

Gap Inc (NYSE: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)