Why Gap Shares Are Trading Higher Friday

Gap Inc GPS shares are trading higher by 7% to $13.60 after the company reported better-than-expected third-quarter sales results.

So What Happened?

Gap reported third-quarter revenue of $4.04 billion, which beat average analyst estimates of $3.8 billion, according to Benzinga Pro. The retailer reported quarterly adjusted earnings of 71 cents per share.

Gap also noted that it recorded a $53 million impairment charge in the third quarter related to Yeezy Gap.

In the short term, Gap said it plans to remain focused on the actions necessary to reduce inventory, rebalance assortments, reevaluate investments and fortify its balance sheet...Read More

According to data from Benzinga Pro, Gap has a 52-week high of $25.42 and a 52-week low of $7.79.