Gap Inc. has declared its first quarter financial results for the current fiscal year of 2010-11 and the company has informed that it has posted a 3% hike in the net income figure in the reviewed quarter.

It has also said that its low-price Old Navy chain has posted better sales report which has boosted the net income of the firm up. However, the high-end Banana Republic of the firm has seen a decline in its sales.

The net income of the company was recorded $234 million or 36 cents per share during the April-June quarter of fiscal year 2010-11. For the similar quarter in the previous financial year, it was reported to be $228 million, or 33 cents per share. Gap's revenue was recorded $3.32 billion in the second quarter this year. It was $3.24 billion in its like period a year ago.

Now the company is looking forward to increase revenue and market share in North America. It is coming up with better investment plans of this region along with the other prospective sectors of the global market.