Gap's July Same-store Sales Soar Above Estimates

NEW YORK ? Gap Inc. said Thursday that its July sales at stores open at least one year rose 10%. Analysts, on average, had expected same-store sales to rise 3.8%, according to Thomson Reuters. Net sales for the four weeks ended July 28 rose to $1.06 billion compared with $950 million in the comparable period a year ago. Second-quarter net sales rose 6% to $3.58 billion. The apparel retailer said it expects fiscal second-quarter earnings to be in the range of $0.47 to $0.48 per share, compared with $0.35 a share for the second quarter last year.