Gap Inc.’s reported a 12% jump in first quarter profit amid another strong performance from its Old Navy division.
Net sales for the quarter were $3.4 billion, about flat with last year and also better than expected. The translation of foreign currencies into U.S. dollars negatively impacted the company’s net sales for the first quarter of fiscal year 2017 by about $11 million, Gap said.
Total same-store sales for the quarter rose 2%. Analysts had expected a 2% decrease. By brand, same-store rose 8% at Old Navy, and fell 4% at Gap and 4% at Banana Republic. . . . more