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September 9, 2013
17:15 EDTAEOAmerican Eagle to close distribution center, take $13M-$15M charge
American Eagle disclosed in a regulatory filing that on September 5, the company announced its plans to close its Warrendale, PA distribution center and transfer the operations to its new Hazelton, PA facility. The Hazelton facility is under construction and is expected to open in 2Q14. The transition of store distribution operations from Warrendale to Hazelton is scheduled to begin in early 2015 and is anticipated to be completed by July 2015. In connection with the decision, the company expects to incur after-tax charges of $13M-$15M, which will primarily be incurred in Q3. These charges are comprised of the following after-tax amounts: $2M-$3M of severance and employee related costs; $11M-$12M of non-cash asset impairment charges. The company says the pre-tax cash outflow for severance and employee related costs are estimated to be $4M-$5M to be paid in FY15.
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October 9, 2015
11:32 EDTAEOGap sinks to 52-week low after September SSS fall 1%
Shares of casual apparel retailer GAP (GPS) are sinking after the company's September same-store sales fell 1%. WHAT'S NEW: After the close on Thursday, Gap reported that net sales for the five-week period ended October 3 decreased 1% to $1.46B, compared with net sales of $1.48B for the five-week period ended October 4, 2014. On a constant currency basis, September net sales increased 2% compared with last year. Gap's comparable sales for September were down 1% versus flat last year. The company's comparable sales by global brand for September were as follows: Gap Global were flat versus (3%) last year; Banana Republic Global were (10%) versus 2% last year; Old Navy Global were 4% versus 1% last year. CFO Sabrina Simmons noted, "While September proved challenging, our leadership teams remain focused on taking the necessary steps to improve performance." WHAT'S NOTABLE: Gap now expects its gross margin rate for the third quarter to be similar to the second quarter. ANALYST REACTION: Friday morning, research firm MKM Partners downgraded Gap to Neutral from Buy and lowered its price target to $29 from $40. Analyst Roxanne Meyer said the Q3 shortfall was likely across all brands and significantly cut sales and margin estimates. Meyer said the Old Navy September comp miss is likely more than weather and the drag from Banana Republic. PRICE ACTION: In late morning trading, Gap fell $1.75, or just over 6%, to $27.20 on heavy trading volume. Earlier in the session, the stock hit a fresh 52-week low of $26.50. Including the pull back, the shares have lost approximately 26% over the past year. OTHERS TO WATCH: Other apparel retailers include Urban Outfitters (URBN), down 1.3%, American Eagle Outfitters (AEO), down fractionally, Abercrombie & Fitch (ANF) down 2.4%, Buckle (BKE) down 1.3%, and Guess? (GES), down 1%.
October 7, 2015
10:01 EDTAEOOn The Fly: Analyst Initiation Summary
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07:22 EDTAEOAmerican Eagle initiated with a Neutral at Citi
Target $16.

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