Reuters: Global Markets: Gap raises profit forecast, dividend

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Gap raises profit forecast, dividend Aug 22nd 2013, 20:11 Tweet Share this Email Print Related News GameStop boosts profit forecast on console outlook, stock jumps 3:28pm EDT Analysis: New tastes, nimble fashion rivals squeeze top U.S. teen chains 1:53pm EDT Penney adopts poison pill to ward off any coercive takeover 12:51pm EDT UPDATE 1-Hormel Foods profit misses Street as pork costs rise 8:01am EDT American Eagle issues weak forecast on price pressure Wed, Aug 21 2013 Analysis & Opinion European CEOs should avoid starving capex for divis Related Topics Hot Stocks » Asian Markets » A Gap Inc. clothing store is shown at the Cable Car turn in San Francisco, California August 21, 2008. Credit: Reuters/Robert Galbraith Thu Aug 22, 2013 4:11pm EDT (Reuters) - Gap Inc (GPS.N) 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. (Reporting by Phil Wahba in New York; Editing by Bernard Orr) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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