Gap Inc. reported third-quarter profit that exceeded forecasts and a smaller-than-expected drop in comparable sales, showing that Chief Executive Officer Richard Dickson is having early success in improving the company’s performance.

Adjusted earnings of 59 cents a share were triple the average analyst estimate, thanks in part to fewer promotions and better managed inventories. While same-store sales fell for a fourth consecutive quarter, the decline was less than expected as stronger results at Old Navy, which is Gap’s biggest brand, offset weakness at Athleta and Banana Republic.