New User:

Forgot your password?

Stock Market & Financial Investment News

News Breaks
November 28, 2012
16:10 EDTGESGuess reports Q3 EPS 43c, consensus 44c
Reports revenue $628.8M, consensus $624.54M.
News For GES From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
October 13, 2015
10:27 EDTGESGuess downgraded to Hold from Buy at Standpoint Research
Subscribe for More Information
October 9, 2015
11:32 EDTGESGap 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%.

Sign up for a free trial to see the rest of the stories you've been missing.
I agree to the disclaimer & terms of use