By WestEnd511:
Gap’s (NYSE:GPS) headline Q2 EPS of $0.74 beat consensus $0.69 mainly due to disciplined cost control. Revenue of $3.98b (+3% y/y) was in line with consensus and driven by strength in Old Navy where comps was +4%. Inventory management was encouraging as total inventory was up 6% y/y vs. 3% sales growth, the smallest gap since end of 2012.