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Gap sales rise, profit stays steady

    (Reuters) - Gap Inc's quarterly profit stayed the same as the company managed to improve sales while still mending margins.

    For the first quarter ended April 28, the owner of the Gap, Old Navy and Banana Republic chains earned $233 million, or 47 cents a share, compared with $233 million, or 40 cents last year.

    The company, which is the third biggest clothes retailer in the world after Zara owner Inditex and H&M owner Hennes & Mauritz AB had preannounced that sales rose 6 percent to $3.49 billion, while comparable store sales were up 4 percent.

    (Reporting by Nivedita Bhattacharjee in Chicago; editing by Andre Grenon)

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