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Gap beats Street 2Q forecasts

SAN FRANCISCO, Costa Rica – SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Thursday reported fiscal second-quarter profit of $125 million.

The San Francisco-based company said it had profit of 31 cents per share. Earnings, adjusted for one-time gains and costs, came to 60 cents per share.

The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 58 cents per share.

The clothing chain posted revenue of $3.85 billion in the period, also beating Street forecasts. Eleven analysts surveyed by Zacks expected $3.81 billion.

Gap expects full-year earnings in the range of $1.87 to $1.92 per share.

Gap shares have risen nearly 5 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 7 per cent. In the final minutes of trading on Thursday, shares hit $25.88, a decrease of 25 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GPS at http://www.zacks.com/ap/GPS

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Keywords: Gap, Earnings Report, Priority Earnings