Gap Inc. (GPS) reported a 10 percent increase in July comparable store sales Thursday morning. The company expects to report second quarter EPS of $0.47 to $0.48, which is above the consensus estimate of $0.38.
Gap gapped open sharply higher Thursday and climbed above the session's narrow range in the final 90 minutes of trade. The stock closed up by 3.75 at $33.17, with volume at a 5-month high. Gap has risen above a 2-week range and has set a new high for the year.
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