$GPS Crushes it and Raises Dividend

Gap reported quarterly earnings and revenue Thursday that exceeded analyst expectations.

The mall clothing chain that owns the Gap, Old Navy and Banana Republic brands also increased its dividend by 20 percent.

Shares popped more than 3 percent after the closing bell, following the news.¬†What is Gap’s stock doing now?(Click here for the latest after-hours quote.)

Net income for the quarter jumped 61 percent to $351 million, or 73 cents a share, from $218 million, or 44 cents a share in the year-earlier period.

Revenue improved more than 10 percent to $4.73 billion from $4.28 billion a year ago.

Analysts had expected Gap to report earnings of 71 cents a share on $4.63 billion in revenue, according to a consensus estimate from Thomson Reuters.

Sales rose 5 percent at stores open at least a year, considered a key indicator of a retailer’s health.

Gap’s outlook came in on the low end of expectations: It expects to earn between $2.52 and $2.60 per share in 2013; analysts currently expect $2.59 a share. The company cited the weakening yen as a factor….”

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