Gap's 1st-quarter earnings drop almost 14 percent

New York (AP) The chain says it posted $215 million, or 31 cents per share, on Thursday for the three months that ended May 2. That compares with $249, or 34 cents per share, a year earlier. It says its revenue dropped 8 percent to $3.13 billion, from $3.38 billion.

Sales at stores open at least a year, or same-store sales, fell 8 percent.

Analysts had forecast profit of 30 cents per share on revenues of $3.14 billion.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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