Business

Market movers

Retailer expects to beat estimates in period

Gap is in the midst of a turnaround plan centered on its key global brands.

Justin Sullivan/Getty Images/File

Gap is in the midst of a turnaround plan centered on its key global brands.

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Shares of retailer Gap Inc. rose on first-quarter projections that beat estimates and April same-store sales that were stronger than expected. The stock is up 39 percent over the past 12 months. For the period ended May 4, the retailer predicts per-share earnings of 68 cents to 69 cents, topping the 56 cents estimated. Gap said net sales rose 6.9 percent to $3.73 billion, also topping projections. The retailer also said April same-store sales rose 7 percent, topping the 5.5 percent consensus. Gap plans to release its earnings on May 23.

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