Gap 1Q profit misses Street estimates

Gap Inc. says its first-quarter profit missed forecasts, but revenue beat estimates.

The San Francisco-based clothing chain earned $164 million, or 42 cents per share, on revenue of $3.78 billion

Analysts expected a quarterly profit of 45 cents and revenue of $3.61 billion, according to Zacks Investment Research.

Sales in existing stores, a key retail metric, rose 1 percent during the quarter.

Looking ahead, Gap says it still expects full-year earnings to be $2.55 to $2.70 per share.

Gap shares slid 7 percent in extended after-hours trading.