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GPS

Gap

$22.78

0.25 (1.11%)

16:19
10/06/16
10/06
16:19
10/06/16
16:19

Gap reports September comparable sales down 3%, sees impact to October sales

Gap reported that net sales for the five-week period ended October 1 decreased 2% to $1.43B compared with net sales of $1.46B for the five-week period ended October 3, 2015. Gap Inc.'s comparable sales for September were down 3% versus a 1% decrease last year. The company estimated that the fire which occurred in a building on its Fishkill, New York distribution center campus negatively impacted Gap Inc.'s September comparable sales by approximately 3% points. The company noted that September merchandise margin rates actualized significantly higher than previously forecasted, which more than offset the estimated earnings impact from lost sales and increased logistics costs during the month that resulted from the Fishkill distribution center fire. Comparable sales by global brand for September were as follows: Gap Global: negative 10%, including an estimated negative impact from the Fishkill distribution center fire of approximately 5 percentage points, versus flat last year. Banana Republic Global: negative 9%, including an estimated negative impact from the Fishkill distribution center fire of approximately 3 percentage points, versus negative 10% last year. Old Navy Global: positive 4%, including an estimated negative impact from the Fishkill distribution center fire of approximately 2 percentage points, versus positive 4% last year. The company also noted that as a result of the Fishkill distribution center fire, it expects a negative impact of approximately 3 percentage points to Gap Inc.'s October comparable sales and a negative impact to comparable sales results in Q4. "While we remain focused on performance across the portfolio, we are pleased to see a strong customer response to Old Navy's product assortment, which continues to drive positive momentum at our largest brand," said CFO Sabrina Simmons.

GPS Gap
$22.78

0.25 (1.11%)

07/25/16
STPT
07/25/16
DOWNGRADE
STPT
Hold
Gap downgraded to Hold from Buy at Standpoint Research
08/09/16
MZHO
08/09/16
UPGRADE
MZHO
Neutral
Gap upgraded to Neutral from Underperform at Mizuho
08/19/16
JEFF
08/19/16
NO CHANGE
Target $30
JEFF
Buy
Gap price target raised to $30 from $26 at Jefferies
Jefferies analyst Randal Konik raised his price target for Gap to $30 saying the company's Q2 results "point to trends moving in the right direction." The analyst views the shares as attractive at current levels and reiterates a Buy rating on the name.
08/19/16
MSCO
08/19/16
NO CHANGE
Target $21
MSCO
Underweight
Gap valuation stretched adn upside limited, says Morgan Stanley
Morgan Stanley analyst Kimberly Greenberger said Gap's valuation appears stretched and upside is limited. The analyst said even the most bullish expectations for $2.25-$2.30 in 2017 implies zero earnings growth since 2012, with less scope for cuts in marketing expense, wage inflation, and other SG&A inflation. Greenberger has an Underweight rating on Gap and a $21 price target on shares.

TODAY'S FREE FLY STORIES

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General news
FX Update: The dollar has consolidated post-FOMC minutes losses »

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OCLR

Oclaro

$9.72

-1.25 (-11.39%)

20:45
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Oclaro management to meet with Jefferies »

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GMS

GMS Inc.

$29.79

-0.52 (-1.72%)

20:32
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Syndicate
GMS Inc. 6.95M share Secondary priced at $29.25 »

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APA

Apache

$54.91

-0.98 (-1.75%)

, HRL

Hormel Foods

$37.30

-0.3 (-0.80%)

20:25
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Earnings
Notable companies reporting before tomorrow's open »

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APA

Apache

$54.91

-0.98 (-1.75%)

HRL

Hormel Foods

$37.30

-0.3 (-0.80%)

KSS

Kohl's

PF

Pinnacle Foods

$54.63

-0.61 (-1.10%)

CHK

Chesapeake

$5.92

-0.16 (-2.63%)

CNK

Cinemark

$43.39

0.51 (1.19%)

AMCX

AMC Networks

$57.50

-0.19 (-0.33%)

W

Wayfair

$41.26

1 (2.48%)

SFM

Sprouts Farmers Markets

$19.00

-0.32 (-1.66%)

TREE

LendingTree

$112.15

-1.45 (-1.28%)

TXMD

TherapeuticsMD

$5.67

0.08 (1.43%)

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FIT

Fitbit

$5.88

-0.16 (-2.65%)

20:14
02/22/17
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20:14
Hot Stocks
Fitbit CEO says early adopter segment saturated, says exploring new form factors »

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SQ

Square

$15.04

0.41 (2.80%)

19:57
02/22/17
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19:57
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19:57
Upgrade
Square rating change  »

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FIT

Fitbit

$5.88

-0.16 (-2.65%)

19:50
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Hot Stocks
Fitbit says paid $23M for Pebble assets »

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SBUX

Starbucks

$57.57

0.03 (0.05%)

19:34
02/22/17
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19:34
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19:34
Hot Stocks
Market researcher: Starbucks consumer perception dips after refugee hiring news »

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LB

Labarge

$58.13

0.43 (0.75%)

19:33
02/22/17
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19:33
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Hot Stocks
L Brands sees Q1 comps down high-single to low-double digits »

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LB

Labarge

$58.13

0.43 (0.75%)

19:32
02/22/17
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19:32
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Hot Stocks
L Brands sees FY17 comps down low-single digits »

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F

Ford

$12.67

-0.02 (-0.16%)

19:30
02/22/17
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19:30
Conference/Events
Ford to host sales conference call »

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GTLS

Chart Industries

$38.51

-1.21 (-3.05%)

19:27
02/22/17
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19:27
Hot Stocks
Chart Industries CEO Samuel Thomas named executive chairman »

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TSLA

Tesla

$273.51

-3.88 (-1.40%)

19:24
02/22/17
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Periodicals
SolarCity leased with risky homeowners, has ties to foreclosure cases, NYT says »

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PRU

Prudential

$110.50

-0.72 (-0.65%)

, WFC

Wells Fargo

$58.36

0.11 (0.19%)

19:16
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Hot Stocks
Prudential says could seek compensation from Wells Fargo over MyTerm products »

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PRU

Prudential

$110.50

-0.72 (-0.65%)

WFC

Wells Fargo

$58.36

0.11 (0.19%)

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PSA

Public Storage

$226.24

-1.49 (-0.65%)

19:15
02/22/17
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Earnings
Public Storage reports Q4 core FFO $2.65, consensus $1.89 »

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CS

Credit Suisse

$15.35

-0.13 (-0.84%)

19:10
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Periodicals
Credit Suisse probed for potentially aiding tax evasion, WSJ says »

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LZB

La-Z-Boy

$28.40

-1.05 (-3.57%)

19:09
02/22/17
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19:09
Downgrade
La-Z-Boy rating change  »

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CLD

Cloud Peak

$5.68

-0.19 (-3.24%)

19:06
02/22/17
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19:06
Syndicate
Cloud Peak 13.5M share Spot Secondary priced at $5.10 »

Credit Suisse, JPMorgan…

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SNAP

Snap Inc

18:47
02/22/17
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18:47
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18:47
Periodicals
Snap Inc nears $200M ad deal, NY Post says »

Snap Inc is close to…

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  • 02

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SBLK

Star Bulk Carriers

$9.59

0.29 (3.12%)

18:40
02/22/17
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Earnings
Star Bulk Carriers reports Q4 EPS (29c), consensus (28c) »

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C

Citi

$60.62

0.07 (0.12%)

18:35
02/22/17
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18:35
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18:35
Periodicals
Citi forms regulatory affairs team in D.C., Bloomberg says »

Citi is forming a global…

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PRAH

PRA Health

$59.98

-0.71 (-1.17%)

18:34
02/22/17
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18:34
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18:34
Earnings
PRA Health sees FY17 EPS $3.08-$3.18, consensus $2.96 »

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FGL

Fidelity & Guaranty Life

$26.30

-0.1 (-0.38%)

, ATH

Athene Holding

$51.45

0.38 (0.74%)

18:32
02/22/17
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18:32
Periodicals
Fidelity & Guaranty Life revives sale process, Insurance Insider says »

Fidelity & Guaranty…

FGL

Fidelity & Guaranty Life

$26.30

-0.1 (-0.38%)

ATH

Athene Holding

$51.45

0.38 (0.74%)

APO

Apollo Global

$22.25

0.05 (0.23%)

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PRAH

PRA Health

$59.98

-0.71 (-1.17%)

18:31
02/22/17
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02/22/17
18:31
Earnings
PRA Health sees Q1 EPS 57c-62c, consensus 67c »

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NBR

Nabors Industries

$15.44

0.01 (0.06%)

18:30
02/22/17
02/22
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18:30
Earnings
Nabors Industries reports Q4 EPS ($1.17) with items »

Q4 EPS includes 87c in…

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