Gap Stock Rises 14%

(RTTNews) - The Gap Inc. (GAP) shares rose 14.26 percent to $23.75 on Friday, after the retailer reported a sharp increase in second quarter profit the previous day, despite a decline in revenue.

The stock opened at $24.68 and traded between $23.53 and $25.80. Its 52-week range is $18.11 to $29.36 on the New York Stock Exchange. Trading volume was 12.72 million shares, compared with an average volume of 7.74 million shares.

The company's net income climbed to $501 million, or $1.38 per share, from $216 million, or $0.57 per share, a year earlier. Adjusted earnings were $190 million, or $0.52 per share.

Revenue fell 2 percent to $3.651 billion from $3.725 billion last year. For the full year, Gap expects adjusted earnings of $2.35 to $2.45 per share and revenue growth of 1 percent to 1.5 percent. The company expects third-quarter revenue to increase 1.5 percent to 2.5 percent.