August 23, 2018 / 8:25 PM / 3 months ago

Old Navy fuels Gap's quarterly sales beat

Aug 23 (Reuters) - Gap Inc reported quarterly sales that topped Wall Street estimates on Thursday, boosted by a rise in demand for its Old Navy and Banana Republic labels.

However, the company’s shares fell 7 percent in after-market trading as its namesake brand posted another disappointing quarter.

Net income rose to $297 million, or 76 cents per share, in the second quarter ended August 4, from $271 million, or 68 cents per share, a year earlier.

Net sales rose 7.5 percent to $4.09 billion, beating analysts’ average estimate of $4.01 billion, according to Thomson Reuters I/B/E/S.

Reporting by Nivedita Balu in Bengaluru; Editing by Sriraj Kalluvila

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