UPDATE: Gap Posts 29% Surge In Q2 Profit, Lifts Full-Year Forecast

Gap GPS reported a 29% rise in its second-quarter profit. Gap's quarterly profit surged to $243 million, or $0.49 per share, versus $189 million, or $0.35 per share, in the year-earlier period. Its revenue climbed 5.6% to $3.58 billion from $3.39 billion. However, analysts were expecting earnings of $0.47 per share on revenue of $3.58 billion. Gap lifted its full-year earnings forecast to $1.95 to $2 per share, versus analysts' estimates of $2.09 per share. Gap shares gained 1.34% to $34.80 in after-hours trading.