FILE - In this Aug. 15, 2015, file photo, a pedestrian walks past a Gap store in Miami. Gap reports earnings on Thursday, May 24, 2018. (AP Photo/Lynne Sladky, File)

Gap 1Q profit misses Street estimates

May 24, 2018 - 4:38 pm

SAN FRANCISCO (AP) — Gap Inc. says its first-quarter profit missed forecasts, but revenue beat estimates.

The San Francisco-based clothing chain earned $164 million, or 42 cents per share, on revenue of $3.78 billion

Analysts expected a quarterly profit of 45 cents and revenue of $3.61 billion, according to Zacks Investment Research.

Sales in existing stores, a key retail metric, rose 1 percent during the quarter.

Looking ahead, Gap says it still expects full-year earnings to be $2.55 to $2.70 per share.

Gap shares slid 7 percent in extended after-hours trading.

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