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.