Gap Q2 Results Top Estimates

(RTTNews) - Gap Inc. (GPS) reported net income for the second quarter of $332 million or $0.75 per share, compared to $303 million or $0.64 per share for the year-ago quarter.

The latest quarter results include a benefit of about $0.05 per share from a gain on the sale of a building owned but no longer occupied by the company.

Net sales for the second quarter rose 3% to $3.98 billion from $3.87 billion in the same quarter last year.

Analysts polled by Thomson Reuters expected the company to earn $0.69 per share on revenue of $3.96 billion for the second quarter. Analysts' estimates typically exclude special items.

The company raised its full-year 2014 earnings guidance to a range of $2.95 to $3.00 per share from its prior guidance of $2.90 to $2.95 per share, to reflect the $0.05 per share related to the gain on asset sale. Analysts currently expect the company to earn $2.95 per share for the full year 2014.