Clothing retailer Gap Inc reported better-than-expected second-quarter results and raised its full-year profit forecast, helped by strong demand for Old Navy products, fewer discounts and better managing inventory. The company’s shares rose nearly 6 percent in trading after the bell on Thursday. Gap’s same-store sales increased 1 percent in the three months ended July 29, rising for the third straight quarter. Analysts were expecting sales to be flat year-over-year, according to research firm Consensus Metrix. The results mirror a trend among US retailers: department stores such as Macy’s Inc and JC Penney Co Inc have struggled, while apparel retailers like Ralph Lauren Corp and Urban Outfitters have benefited as they better managed inventory and gave fewer discounts. Since becoming Gap’s chief executive in 2015, Art Peck has reinvigorated the Old Navy brand, its biggest revenue contributor, through celebrity tie-ups, social media campaigns and better styles – dresses, pants, mid-tops and shorts did well in the latest quarter. Same-store sales at Old Navy rose 5 percent, beating analysts’ estimate of 3.1 percent. Published in Daily Times, August 19th 2017.