January 5, 2017 / 10:30 PM / a year ago

Gap posts surprise comparable sales rise in December

Jan 5 (Reuters) - Apparel retailer Gap Inc reported a surprise rise in December comparable sales, helped by strong demand for its Gap and Old Navy brands, a bright spot in the overall retail gloom.

The company’s shares rose 7.4 percent to $24.98 in after-market trading on Thursday.

Gap, which is also shutting stores and reducing overhead costs, said it now expected full-year 2016 adjusted profit to be modestly above the higher end of the previously forecast range of $1.92 per share.

The company’s comparable sales for December rose 4 percent, while analysts on average had expected a fall of 0.7 percent. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila)

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