Gap Rises After Forecasting Earnings Above Analysts’ Estimates

Gap Inc., operator of the Banana Republic and Old Navy clothing chains, gained the most in more than five months in U.S. trading after forecasting an annual profit above analysts’ estimates.

Earnings for 2010 will be $1.70 to $1.75 a share, the San Francisco-based retailer said yesterday in a statement after the U.S. markets closed. Analysts projected $1.69, the average of 30 estimates compiled by Bloomberg.

Gap jumped $1.12, or 5.5 percent, to $21.51 at 10:16 a.m. in New York Stock Exchange composite trading, after advancing 6.7 percent, the biggest intraday day gain since Sept. 3.

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- Posted: 2010-02-26 11:24:46

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