News Summary: Gap's 4Q profit tops expectations

News Summary: Gap posts better-than-expected 4Q profit as turnaround gains momentum

NEW YORK (AP) -- A STELLAR QUARTER: Gap Inc.'s earnings jumped 61 percent to $351 million, or 73 cents per share, in the quarter ended Feb. 2, from $218 million, or 44 cents per share, a year earlier.

Revenue rose 10 percent to $4.73 billion in the period. The results topped the 71 cents per share on revenue of $4.69 billion that analysts had expected.

WHY: Gap's efforts to push brightly colored fashions, new designer partnerships and lively marketing campaigns are helping to invigorate sales after struggling for years to reclaim its fashion status.

WHAT'S NEXT: The company, based in San Francisco, said that it's raising its annual dividend to 60 cents from 50 cents for the current year. The company offered a muted profit annual profit outlook, citing the weakening yen as a factor.