NEW YORK — Gap Inc. said that first-quarter profit fell 22 percent, as the clothing chain's results were hampered by a disappointing start to spring.
The San Francisco-based retailer, which operates stores under Gap, Old Navy, and Banana Republic, reiterated its annual profit outlook.
''After a disappointing start, I'm pleased with how the business performed toward the end of the quarter, especially at Old Navy,'' said Glenn Murphy, Gap's CEO.
Gap earned $260 million, or 58 cents per share, in the three-month period ended May 3. That compares with $333 million, or 71 cents per share, in the year-ago period.
Revenue rose 1.2 percent to $3.77 billion. Analysts had expected a profit of 57 cents on revenue of $3.76 billion, according to FactSet.
Gap said that it expects earnings per share for the year to be in the range of $2.90 to $2.95 per share. Analysts had expected $2.94 per share.