Gap Inc. (GPS) reported net income for the first quarter of $333 million or $0.71 per share, compared to $233 million or $0.47 per share in the year-ago quarter.
Net sales for the first quarter rose 7 percent to $3.73 billion from $3.49 billion in the same quarter last year. Same-store sales for the quarter were up 2%.
On average, analysts polled by Thomson Reuters expected the company to earn $0.69 per share on revenue of $3.68 billion for the first quarter.
Looking forward, the company reaffirmed its fiscal year 2013 earnings of $2.52 to $2.60 per share. Analysts currently expect the company to earn $2.73 per share for the fiscal year 2013.
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