May 24(Reuters) - Apparel retailer Gap Inc on Thursday reported first-quarter comparable store sales that missed estimates, hurt by a slump in demand for its namesake brand.
Overall same-store sales rose 1 percent in the three months ended May 5, while analysts were expecting a rise of 1.67 percent, according to Thomson Reuters I/B/E/S.
The company’s net income rose to $164 million, or 42 cents per share, in the reported quarter from $143 million, or 36 cents per share, a year earlier.
Total revenue rose to $3.78 billion from $3.44 billion. (Reporting by Uday Sampath and Nivedita Balu in Bengaluru; Editing by Anil D’Silva)