News Summary

Shares of Gap Inc GPS fell about 1.5% after the retailer reported a 4% drop in its May same-store sales. Gap's net sales came in at $1.06 billion, versus $1.05 billion, in the year-ago quarter. Analysts were expecting a 1% fall in comparable sales. Gap North America's comparable sales dropped 4%, while its international same-store sales dipped 9%. Shares of Joy Global Inc JOYG gained about 5% after the company reported a 34% rise in its fiscal second-quarter net profit and lifted its projections for the year on Thursday. Joy Global reported its quarterly net profit at $162 million, or $1.52 per share, up from $120.4 million, or $1.15 per share, in the year-earlier period. Its sales climbed 19% to $1.06 billion. However, analysts were expecting earnings of $1.35 per share on sales of $1.03 billion. Joy Global raised its fiscal-year earnings forecast to a range of $5.30 to $5.60 per share, from its earlier range of $5.10 to $5.40 per share. However, analysts expected earnings of $5.39 per share for the year. Shares of Pier 1 Imports Inc PIR gained about 1.3% after the retailer reported a 10.2% surge in its comparable-store sales for the quarter. PIR's total sales climbed 9.5% to $335 million, from $306 million in the year-ago period. The retailer projects its FQ1 net income of $0.11 to $0.12 per share, up from $0.07 per share, in the year-ago quarter. However, analysts expected net income of $0.09 per share for the quarter ended May 29. Read more from Benzinga's Markets.