Gap posts bigger quarterly profit, shares rise

Gap Inc posted a bigger quarterly profit as its brightly colored clothes stayed popular with shoppers ahead of the holiday season, sending its shares up 6 percent after the bell.

The company, which owns the Gap, Old Navy and Banana Republic chains earned $308 million, or 63 cents a share, compared with $193 million, or 38 cents a share, in the same quarter last year.

Sales for the third quarter ended Oct. 27 rose 8 percent to $3.86 billion.

Gap shares were trading up at $35.17 after the bell. They closed at $33.26 Thursday on the New York Stock Exchange.