UPDATE 1-Gap same-store sales for holiday quarter beats, shares rise

(Adds details on comparable sales, share move)

March 1(Reuters) - Apparel retailer Gap Inc's same-store sales for the holiday quarter blew past Wall Street estimates as shoppers bought more clothing from its major brands, especially Old Navy.

Shares of the San Francisco-based company rose 8.1 percent to $34.26 in extended trading on Thursday.

Gap's plan to spend more to bring new styles quicker to stores and improve its online offerings in a bid to fend off competition from fast-fashion chains such as H&M and Forever 21 is paying off.

Same-store sales at Old Navy, which sells lower priced apparel, rose 9 percent, beating 3.4 percent increase forecast by research firm Consensus Metrix.

Overall same-store sales rose 5 percent in the fourth quarter ended Feb. 3, while analysts were expecting sales to rise 1.2 percent.

The company's net income fell to $205 million, or 52 cents per share, in the quarter from $220 million, or 55 cents per share, a year earlier as it took $34 million charge due to changes in the U.S. tax law.

Excluding certain items, the company earned 63 cents per share, beating the average analyst estimate of 58 cents per share, according to Thomson Reuters I/B/E/S.

Total revenue rose 7.9 percent to $4.78 billion, above analysts' estimate of $4.67 billion.

(Reporting by Uday Sampath in Bengaluru; Editing by Arun Koyyur)