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Gap's Profit Drops Almost 14% Amid Sluggish Demand

Gap reported its first-quarter profit fell almost 14 percent as the apparel chain faces sluggish consumer demand during the recession, but the results narrowly beat estimates.

The chain said it posted $215 million, or 31 cents per share, on Thursday for the three months that ended May 2. That compares with $249, or 34 cents per share, a year earlier.

It says its revenue dropped 8 percent to $3.13 billion, from $3.38 billion. Sales at stores open at least a year, or same-store sales, fell 8 percent.

Analysts had forecast profit of 30 cents per share on revenues of $3.14 billion.