Aug 22 Gap Inc on Thursday reported a
higher second-quarter profit, helped by the sales gains at its
namesake and Old Navy chains and online, leading the clothing
retailer to raise its full year profit forecast and dividend.
The apparel retailer, which also operates the Banana
Republic chain, now expects a profit for the year ending in
February of $2.57 to $2.65, five cents above its previous range.
The company also raised its annual dividend to 80 cents per
share from 60 cents.
As previously reported by Gap, the company's sales rose 8.1
percent to $3.87 billion, while comparable sales rose 5 percent.
Gap earned 64 cents per share for the second quarter, in
line with its own revised forecast when it reported July sales
earlier this month, and Wall Street expectations.