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