Business

Market Movers

Gap beats expectations in fourth quarter

Gap Inc. owns The Gap, Old Navy, and Banana Republic.

Associated Press/File

Gap Inc. owns The Gap, Old Navy, and Banana Republic.

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Gap Inc. posted fourth-quarter profit that beat expectations, as improved merchandise propelled its best holiday season in six years. Net income rose to $351 million, or 73 cents per share, from $218 million, or 44 cents, a year ago. Analysts projected 71 cents; Gap had forecast 70 to 71 cents. Improved merchandise and marketing resulted in a 5 percent gain in annual same-store sales, reversing a 4 percent decline a year earlier. Gap projected profit for the year of $2.52 to $2.60 a share.

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