A Gap retail store sign on September 20, 2022 in Los Angeles, California.
Allison Dinner | Getty Images
Gap posted a better-than-expected third quarter on Thursday, but the apparel retailer still appears cautious ahead of the holiday season as it works to reverse slowdowns at Banana Republic and Athleta.
The company, which also runs Old Navy and its namesake banner, far exceeded Wall Street’s estimates for profits and same-store sales, but only reaffirmed its full-year guidance and expects holiday-quarter sales to be flat to slightly negative.
Shares soared more than 15% in extended trading. As of Thursday’s close, they were up about 21% year to date.
Here’s how Gap performed during the…