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On the Watch: NAPS LDG PSUN



By AP
23 May 2008 @ 06:19 am EST

NEW YORK - Shares of Gap Inc. may trade actively Friday, as the retailer reiterated its 2008 profit outlook and posted a first-quarter profit.

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GPS 19.19 0.05
PSUN 6.53 0.08
FL 16.75 -0.57

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Gap, which is based in San Francisco, said cost-cutting and managing inventory lifted profit in the first quarter.

Another retailer was not as fortunate. Pacific Sunwear of California Inc. recorded a bigger first-quarter loss because of sluggish sales and a 7-cent per share charge to close a facility.

The company also cut its yearly outlook, sending shares tumbling in Thursday's aftermarket trading session.

Elsewhere, Foot Locker Inc. posted a decline in first-quarter profit, weighed down by one-time items, such as expenses to close stores.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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