Gap Q2 Profit Meets Estimate; Lifts FY13 EPS Range - Quick Facts

(RTTNews) - Gap Inc. (GPS) reported net income for the second quarter of $303 million or $0.64 per share, compared to $243 million or $0.49 per share in the year-ago quarter.

Net sales for the latest second quarter rose 8 percent to $3.87 billion from $3.58 billion in the same quarter last year. Same-store sales for the quarter were up 5%.

On average, analysts polled by Thomson Reuters expected the company to earn $0.64 per share on revenue of $3.83 billion for the second quarter.

Looking forward, the company raised its fiscal year 2013 earnings estimate to a range of $2.57 to $2.65 per share, from $2.52 to $2.62 per share. Analysts currently expect the company to earn $2.78 per share for the fiscal year 2013.

Separately, the company announced that its Board of Directors has authorized the third quarter dividend of $0.20 per share, payable on or after October 30, 2013 to shareholders of record at the close of business on October 16, 2013.