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August 21, 2014
10:07 EDTGESGuess falls after Chief Design Officer latest to leave
Shares of clothing designer and retailer Guess are falling after it announced last night that its Chief Design Officer had left the company. In a note to investors today, research firm Peiper Jaffray called the news "concerning." WHAT'S NEW: Guess last night announced that its Chief Design Officer, Sharleen Ernster, would leave the company, effective immediately. The company did not disclose a specific reason for her departure, but said that both the company and she agreed that she should leave. ANALYST REACTION: Piper Jaffray analyst Erinn Murphy wrote that she was "concerned" by continuing management turnover at Guess. The company's former Senior Vice President/General Merchandise Manager of North America left earlier this summer, and three executives departed between November 2012 and February 2013, Murphy reported. In the wake of the two recent departures, Guess' turnaround is likely to take longer than previously thought, according to Murphy, who kept a $25 price target and Neutral rating on the shares. WHAT'S NOTABLE: Murphy downgraded Guess to Neutral from Buy earlier this week, writing that disruptions to the company's U.S. business made it more difficult to predict when it would rebound. PRICE ACTION: In early trading, Guess sank 4.5% to $25.
News For GES From The Last 14 Days
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October 13, 2015
10:27 EDTGESGuess downgraded to Hold from Buy at Standpoint Research
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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%.

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