Gap’s 3rd-Quarter Earnings Rise 15%

San Francisco-based Gap Inc. said fiscal third-quarter earnings rose 15% to meet estimates on strong sales at each of its chains, particularly the Old Navy stores. The operator of the Gap, Banana Republic and Old Navy chains said net income rose to $134.3 million, or 48 cents a share, matching the average estimate of analysts. A year ago, it earned $116.9 million, or 41 cents. Same-store sales--or sales in stores open at least a year--rose 1%, compared with no increase in the year-earlier period. The increase was the first third-quarter same-store sales increase the company has seen since 1992, although sales were still a disappointment, said Warren Hashagen, chief financial officer. . . . Lancaster-based Rexhall Industries Inc. reported third-quarter net income of $477,000, or 65 cents a share, compared with $492,000, or 60 cents, a year ago. . . . Los Angeles-based Calprop Corp. reported third-quarter a net loss of $5.0 million, or 54 cents a share, compared with a net loss of $469,438, or 12 cents, a year ago. . . . Long Beach-based Grand Prix Association Inc. reported a fiscal first-quarter net loss of $120,000, or 4 cents a share, compared with a loss of $155,000, or 8 cents, a year ago.