By  on May 17, 2012

Gap Inc.’s net profits were flat in the first quarter, but comparable-store sales rose 4 percent and the company nudged up its earnings guidance for the year.

Net income held steady at $233 million, but earnings per diluted share grew to 47 cents from 40 cents a year earlier as the company repurchased stock. EPS came in 1 cent ahead of the 46 cents Wall Street expected.

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