48 minutes ago LOS ANGELES (Reuters) - Gap Inc (GPS.N) said on Thursday that first-quarter net profit jumped 40 percent on tighter inventories and fewer markdowns despite lower sales, and shares rose 2 percent in extended trading.The global apparel company, in the midst of a turnaround effort, posted earnings that topped both company and Wall Street estimates, but sales were weaker than analysts expected.
First-quarter net income increased to $249 million, or 34 cents per share, from $178 million, or 22 cents per share, a year earlier.
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