Gap revenue rises; transcript leaks early

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Associated Press

Posted on March 7, 2013 at 12:00 PM

Updated Thursday, Mar 7 at 12:02 PM

NEW YORK (AP) — Gap says a key revenue measure rose more than expected in February, helped by sales at Gap and Old Navy stores.

Gap had been scheduled to release the sales figures after the market closed, but put them out after a transcript of its recorded sales call appeared on the website seekingalpha.com, halting the shares.

Gap did not return a call for comment.

The retailer's revenue in stores open at least a year rose 3 percent for the four weeks ended March 3. Analysts expected 2 percent, according to Thomson Reuters.

The measure rose 2 percent at Gap, rose 6 percent at old Navy and fell 5 percent at Banana Republic.

Total revenue rose 11 percent to $966 million for the four weeks ended Feb. 25, boosted by a calendar shift.

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