Gap Profit Rose, Plans to Open Namesake Stores in India

Shares of Gap are trading higher after the apparel retailer posted quarterly results which beat forecasts. Profit came in at 70 cents a share, beating estimates by one penny. Sales grew 3% to almost $4 billion, just a touch above estimates. Gap is one of the few retailers not facing declined customer traffic. Overall comparable store growth stayed flat. The standout is the discount franchise Old Navy; its sales increased 4% compared to a year earlier. CEO Glenn Murphy said, "We remain focused on our strategic initiatives, as we turn our focus toward delivering a strong second half." Part of that initiative is opening new stores. Gap plans to bring its namesake store to India in the coming year. It will also expand its floors in the greater China area at the same time.