Gap (NYSE: GPS) reported earnings on May 23. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended May 4 (Q1), Gap beat slightly on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue increased. GAAP earnings per share grew significantly.

Margins grew across the board.

Revenue details
 Gap logged revenue of $3.73 billion. The 24 analysts polled by S&P Capital IQ expected revenue of $3.66 billion on the same basis. GAAP reported sales were 6.9% higher than the prior-year quarter's $3.49 billion.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $0.71. The 30 earnings estimates compiled by S&P Capital IQ predicted $0.67 per share. GAAP EPS of $0.71 for Q1 were 51% higher than the prior-year quarter's $0.47 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 41.4%, 200 basis points better than the prior-year quarter. Operating margin was 14.2%, 290 basis points better than the prior-year quarter. Net margin was 8.9%, 220 basis points better than the prior-year quarter. (Margins calculated in GAAP terms.)

Looking ahead
 Next quarter's average estimate for revenue is $3.75 billion. On the bottom line, the average EPS estimate is $0.58.

Next year's average estimate for revenue is $16.22 billion. The average EPS estimate is $2.70.

Investor sentiment
 The stock has a two-star rating (out of five) at Motley Fool CAPS, with 534 members out of 849 rating the stock outperform, and 315 members rating it underperform. Among 272 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 195 give Gap a green thumbs-up, and 77 give it a red thumbs-down.

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