Gap raises earnings outlook, plans India expansion

Gap (NYSE:GPS) +1.2% AH after edging analyst estimates for Q2 earnings and revenues, boosted by firm sales at its Old Navy business.

Q2 comp sales were flat vs. a 5% increase in the year-ago quarter; Gap sales suffered a 5% decline, Banana Republic was flat, and Old Navy gained 4% Y/Y.

Q2 operating margin was 14.2% vs. 13.5% a year ago, but GPS continues to expect roughly flat margin for the full year.

Raises FY 2014 EPS guidance to $2.95-$3.00 vs. prior forecast of $2.90-$2.95 and $2.95 analyst consensus estimate.

Announces plans to enter India through franchise-operated Gap brand stores in 201, starting in Mumbai and Delhi; Gap expects eventually to have ~40 stores in the country.

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