Dive Summary:
- Gap Inc. is reporting a 25% increase in second quarter profits due to a boost in revenue from new fashion lines of denim and athletic apparel, according to figures released by Bloomberg.
- Net income for the company experienced a sharp increase to $303 million, compared to $243 million in sales over the same period from the previous year.
- “Overall, they bucked the trend everyone is seeing. The retailers that stand out are the ones with a combination of pricing, marketing and product,” said Poonam Goyal, retail analyst with Bloomberg.
From the article:
Gap rose 1.2 percent to $42.53 at 9:33 a.m. in New York. The shares gained 35 percent this year through the close of trading yesterday, the best performance for an apparel company in the Standard & Poor’s 500 Retailing Index.
