FINANCE

Gap Q1 profit beats Street

BY Katherine Boccaccio

San Francisco — Gap Inc. said Thursday that profit for the quarter ended April 28 was flat compared with the year-ago period, but its results beat Wall Street forecasts and prompted the retailer to raise its outlook for the year.

Gap reported a profit of $233 million for the first quarter. Revenue rose 6% to $3.49 billion, beating analysts’ estimated $3.46 billion in revenue, and same-store sales rose 4%.

“During the quarter, we improved sales, grew earnings per share, and continued investing in the business to drive performance,” said Glenn Murphy, chairman and CEO of Gap Inc. “We’re pleased with the progress we’re making against our 2012 priorities in both our domestic business and global growth initiatives.”

The company said it expects net openings of about 15 company-operated stores and about 50 to 75 franchise stores during fiscal year 2012.

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FINANCE

Aeropostale profit down 65%

BY Katherine Boccaccio

New York — Aeropostale said Thursday that net income for the first quarter narrowed to $10.6 million, from $16.4 million in the same period last year.

Sales for the quarter ended April 28 rose 6% to $497.2 million, from $469.2 million, and same-store sales edged up 2% on the strength of its online performance. Without e-commerce results, same-store sales for the quarter were flat.

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FINANCE

Buckle Q1 net income up 13%

BY Katherine Boccaccio

Kearney, Neb. — The Buckle Inc. reported Thursday that profit for the quarter ended April 28 increased 13% to $37.8 million, compared with $33.5 million in the year-ago period, as shoppers spent more in the teen retailer’s stores and online.

Sales climbed 10% to $263.8 million, matching Wall Street estimates, and same-store sales rose 7.4%.

Online revenues surged 15% in the period.

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