Gap sets Q2 profit guidance ahead of estimates

Gap (NYSE:GPS) reports comparable-store sales rose 2% in July. The consensus estimate was for a 0.6% gain.

Total sales were up 5% to $1.17B.

The company says it expects Q2 EPS of $0.68-$0.69 vs. $0.66 consensus.

GPS +4.9% premarket

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