Gap (GPS) stock seesawed in after hours trading following a better than expected first quarter earnings report that showcased same store sales growth. But shortly before 5 p.m., the stock rocketed higher, rising about 8.3%.
Gap posted 47 cents of EPS, a penny better than expectations and said same store sales rose 4%, against a 3% decline the previous year. Earnings were boosted by a penny because of “favorable reassessments of tax positions in the quarter”
The company raised its full-year guidance to a range of $1.78 to $1.83, below analysts’ expectations for $1.97.
“The level of share repurchase activity in fiscal year 2012 is expected to be more modest than in fiscal year 2011,” the company added.
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