SAN FRANCISCO (AP) _ Gap Inc. (GPS) on Thursday reported fiscal third-quarter net income of $140 million.

On a per-share basis, the San Francisco-based company said it had profit of 37 cents. Earnings, adjusted for non-recurring costs and restructuring costs, came to 53 cents per share.

The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 51 cents per share.

The clothing chain posted revenue of $4 billion in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $3.95 billion.

Gap expects full-year earnings in the range of $1.70 to $1.75 per share.

Gap shares have dropped 37% since the beginning of the year, while the Standard & Poor's 500 index has risen 24%. In the final minutes of trading on Thursday, shares hit $16.22, a decrease of 37% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GPS at https://www.zacks.com/ap/GPS

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