Canaccord Genuity Morning Coffee on Gap (GPS): Shop ‘til You Drop
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Price: $24.55 --0%
Rating Summary:
14 Buy, 23 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
14 Buy, 23 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity Morning Coffee on Gap (NYSE: GPS): Shop ‘til you drop.
Gap’s consolidated May same-store sales increase of 2% came in below Canaccord Genuity Retail Analyst Laura Champine’s 5% estimate and consensus at 3%. The shortfall can largely be attributed to Gap’s largest segment, Old Navy, where same-store sales declined 1%. Champine’s forecast was for an increase of 2% and consensus was for a 3% increase. Gap said net sales for the four-week period ended May 26, 2012 were $1.10 billion versus $1.06 billion last year. Champine remains bearish on the stock given the lack of unit growth and the challenges Gap faces repairing its core brands’ reputations. She lowered her consolidated June same-store sales forecast to -1.4% citing declines at Old Navy and the international segment. Her Q2 EPS estimate moves $0.01 lower to $0.36. The consensus estimate is $0.37.
Gap’s consolidated May same-store sales increase of 2% came in below Canaccord Genuity Retail Analyst Laura Champine’s 5% estimate and consensus at 3%. The shortfall can largely be attributed to Gap’s largest segment, Old Navy, where same-store sales declined 1%. Champine’s forecast was for an increase of 2% and consensus was for a 3% increase. Gap said net sales for the four-week period ended May 26, 2012 were $1.10 billion versus $1.06 billion last year. Champine remains bearish on the stock given the lack of unit growth and the challenges Gap faces repairing its core brands’ reputations. She lowered her consolidated June same-store sales forecast to -1.4% citing declines at Old Navy and the international segment. Her Q2 EPS estimate moves $0.01 lower to $0.36. The consensus estimate is $0.37.
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