By and and  on May 22, 2009

Old Navy, long the Gap Inc.’s biggest problem, became something of a savior in the first quarter as the division’s improved results helped its parent firm exceed expectations despite a 13.7 percent profit decline.

Net income for the three months ended May 2 totaled $215 million, or 31 cents a diluted share, 1 cent better than analysts’ consensus estimates but below the $249 million, or 34 cents, reported for the year-ago quarter.

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