Gap Inc.’s first-quarter net profit dropped 22 percent to $260 million from $333 million in the year-ago period. Net sales were up 1 percent to $3.77 billion from $3.73 billion. Comparable-store sales slipped 1 percent.

“After a disappointing start, I’m pleased with how the business performed toward the end of the quarter, especially at Old Navy,” said Glenn Murphy, chairman and chief executive officer of Gap Inc. “We are confident in our strategies to drive long-term value, as evidenced by the reaffirmation of our full-year guidance” of  earnings per share in the range of $2.90 to $2.95.


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