Gap Inc. raised its yearly profit forecast, prompted by first-quarter earnings that topped Wall Street estimates and rising sales, sending its shares up 8 percent in extended trading.

For the full year, Gap estimates earning $1.78 to $1.83 a share.

For the first quarter ended April 28, the owner of the Gap, Old Navy and Banana Republic chains earned $233 million, or 47 cents a share, compared with $233 million, or 40 cents a share, last year.