Jan 5 Apparel retailer Gap Inc reported a surprise rise in December comparable sales, helped by strong demand for its Gap and Old Navy brands, a bright spot in the overall retail gloom.
The company's shares rose 7.4 percent to $24.98 in after-market trading on Thursday.
Gap, which is also shutting stores and reducing overhead costs, said it now expected full-year 2016 adjusted profit to be modestly above the higher end of the previously forecast range of $1.92 per share.
The company's comparable sales for December rose 4 percent, while analysts on average had expected a fall of 0.7 percent. (Reporting by Gayathree Ganesan in Bengaluru; Editing by Sriraj Kalluvila)
UPDATE 3-Mexican peso's slump hits Kansas City Southern profit
CHICAGO, Jan 20 Kansas City Southern on Friday reported a lower quarterly net profit that missed Wall Street estimates by a wide margin as a historic drop in the Mexican peso after the election of President-elect Donald Trump affected the regional U.S. railroad's operations in Mexico.
UPDATE 3-Germany says U.S. under Trump must abide by trade deals
BERLIN, Jan 20 The United States must stick to international agreements under the presidency of Donald Trump, German Finance Minister Wolfgang Schaeuble said on Friday, adding he did not expect a major trade war despite Trump's attack on German car makers.