Ralph
02.03.2001, 06:04
Einer meiner Lieblings-Einzelhändler in den USA muss für die nächste Zeit kürzer treten, hofft aber auf das zweite Halbjahr
Gap Cuts Near-Term Guidance, Hopes for Second-Half Recovery
By TSC Staff
3/1/01 6:26 PM ET
Gap (GPS:NYSE - news) reported earnings that beat Wall Street's lowered estimates by a penny, but the company lowered its guidance for the first quarter and said the current retail environment remains "challenging."
The company earned 31 cents a share in the latest fourth quarter, down 34% from 47 cents in the year-ago period. The First Call/Thomson Financial consensus estimate for the Gap, which also operates the Old Navy and Banana Republic chains, was 30 cents a share.
Gap has continually disappointed investors with a slew of earnings warnings, the latest coming Feb. 8 when the company reported dismal January same-store sales and at the same time warned that its quarterly earnings would fall short of estimates. Gap said its earnings would be 30 cents to 31 cents a share, below the then-consensus estimate of 33 cents a share.
In particular, many analysts have criticized the company for expanding too quickly in the face of disappointing sales figures, which have been driven in part by a series of fashion missteps. Still, the company plans 18% to 20% square footage growth in 2001, a figure that most analysts who follow the company would like to see reduced.
Sales for the quarter, which had 14 weeks this year, rose to $4.6 billion from $3.9 billion in the year-ago period, which had only 13 weeks. Same-store sales for the 13 weeks ended Jan. 27 fell 6%, compared with a 5% increase last year. Net earnings for the quarter dropped to $272 million from $414 million a year ago.
"Our performance last year was a disappointment,'' Gap said in a statement. "We didn't execute well. But we're a company that quickly learns from mistakes, fixes them and moves forward." The company said its stores will focus on producing the "right fashion" as well as cost management. "Although we remain confident in the long-term growth opportunities and fundamental strengths of our business, the current retail environment remains challenging. We are taking a conservative approach to 2001.''
The company said the first quarter has been "very difficult," noting that comparable-store sales are in the low negative double digits, with margins continually "under pressure." Gap said that if current trends continue, earnings for the first quarter could be between 10 cents and 15 cents a share. Fifteen analysts polled by First Call are expecting the company to earn 20 cents in the quarter. While Gap didn't provide specific numbers for the remaining quarters, it said the rest of the year remains "uncertain," but the retailer expects improvement in the second half of the year.
Shares of Gap fell $1.17, or 4.3%, to $26.07 in regular-session New York Stock Exchange trading.
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Ralph
Gap Cuts Near-Term Guidance, Hopes for Second-Half Recovery
By TSC Staff
3/1/01 6:26 PM ET
Gap (GPS:NYSE - news) reported earnings that beat Wall Street's lowered estimates by a penny, but the company lowered its guidance for the first quarter and said the current retail environment remains "challenging."
The company earned 31 cents a share in the latest fourth quarter, down 34% from 47 cents in the year-ago period. The First Call/Thomson Financial consensus estimate for the Gap, which also operates the Old Navy and Banana Republic chains, was 30 cents a share.
Gap has continually disappointed investors with a slew of earnings warnings, the latest coming Feb. 8 when the company reported dismal January same-store sales and at the same time warned that its quarterly earnings would fall short of estimates. Gap said its earnings would be 30 cents to 31 cents a share, below the then-consensus estimate of 33 cents a share.
In particular, many analysts have criticized the company for expanding too quickly in the face of disappointing sales figures, which have been driven in part by a series of fashion missteps. Still, the company plans 18% to 20% square footage growth in 2001, a figure that most analysts who follow the company would like to see reduced.
Sales for the quarter, which had 14 weeks this year, rose to $4.6 billion from $3.9 billion in the year-ago period, which had only 13 weeks. Same-store sales for the 13 weeks ended Jan. 27 fell 6%, compared with a 5% increase last year. Net earnings for the quarter dropped to $272 million from $414 million a year ago.
"Our performance last year was a disappointment,'' Gap said in a statement. "We didn't execute well. But we're a company that quickly learns from mistakes, fixes them and moves forward." The company said its stores will focus on producing the "right fashion" as well as cost management. "Although we remain confident in the long-term growth opportunities and fundamental strengths of our business, the current retail environment remains challenging. We are taking a conservative approach to 2001.''
The company said the first quarter has been "very difficult," noting that comparable-store sales are in the low negative double digits, with margins continually "under pressure." Gap said that if current trends continue, earnings for the first quarter could be between 10 cents and 15 cents a share. Fifteen analysts polled by First Call are expecting the company to earn 20 cents in the quarter. While Gap didn't provide specific numbers for the remaining quarters, it said the rest of the year remains "uncertain," but the retailer expects improvement in the second half of the year.
Shares of Gap fell $1.17, or 4.3%, to $26.07 in regular-session New York Stock Exchange trading.
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Ralph