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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.

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$NSD

NASDAQ Market Internals

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$NYE

NYSE Market Internals

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CSIQ

Canadian Solar

$13.99

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SRSC

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NLSN

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AK Steel

$6.25

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MMSI

Merit Medical

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FSLR

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