SAN FRANCISCO (dpa-AFX) - Gap Inc. (GPS) said Thursday that its net sales for the third quarter rose 7% to $3.73 billion from $3.49 billion in the same quarter last year, while same-store sales for the quarter grew 2%.
Net sales for April increased 5% to $1.21 billion from $1.15 billion a year ago. Same-store sales for April, for the four-week period ended May 5, rose 7%.
The company also said it expects first quarter earnings to be in the range of $0.68 to $0.69 per share, compared to $0.47 per share for the first quarter of prior fiscal year.
The fiscal year 2013 first quarter earnings per share includes a benefit of about $0.04 related to the favorable resolution of tax matters in the quarter. Of this $0.04 benefit, about $0.02 is reflected in interest and $0.02 is reflected in the tax rate.
Analysts polled by Thomson Reuters currently expect the company to earn $0.56 per share on revenue of $3.67 billion for the first quarter. Analysts' estimates typically exclude special items.
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