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Gap fiscal Q2 profit climbs 9.1% YOY

Gap Inc. said its normalized net income for the fiscal second quarter ended Aug. 2 was 77 cents per share, compared with the S&P Capital IQ consensus estimate of 69 cents per share.

EPS rose 16.5% year over year from 66 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $343.1 million, an increase of 9.1% from $314.4 million in the year-earlier period.

The normalized profit margin increased to 8.6% from 8.1% in the year-earlier period.

Total revenue rose year over year to $3.98 billion from $3.87 billion, and total operating expenses increased from the prior-year period to $3.41 billion from $3.35 billion.

Reported net income rose 9.8% year over year to $332.3 million, or 75 cents per share, from $302.7 million, or 64 cents per share.