"Gap’s 1st-quarter net income declines 22 percent" Associated Press May 23, 2014
NEW YORK — Gap Inc. said that first-quarter profit fell 22 percent, as the clothing chain’s results were hampered by a disappointing start to spring.
The San Francisco-based retailer, which operates stores under Gap, Old Navy, and Banana Republic, reiterated its annual profit outlook.
‘‘After a disappointing start, I’m pleased with how the business performed toward the end of the quarter, especially at Old Navy,’’ said Glenn Murphy, Gap’s CEO.
Gap earned $260 million, or 58 cents per share, in the three-month period ended May 3. That compares with $333 million, or 71 cents per share, in the year-ago period.
Revenue rose 1.2 percent to $3.77 billion....
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