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