Gap (GPS) reported first quarter results that topped Wall Street estimates on both the top and bottom lines. Earnings of $0.41 per share were far better than the expectations of $0.13.

Net sales of $3.4 billion were better than the expected $3.28 billion. In addition, all of the retailer's brands posted better-than-expected same-store sales results.

The retailer also raised its full-year sales and operating income outlook.

Yahoo Finance's Julie Hyman and Josh Lipton break down Gap's results.

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This post was written by Stephanie Mikulich.