Gap September Sales Exceeded Expectations, The Company's Share Price Rose.
Recently, investors from Gap, a fast fashion company in the United States, had little negative impact on the fire at the New York distribution center last month, and are hopeful about the company's future based on sales in September.
On Friday trading day,
Gap company
Shares jumped 15.3% to $26.26 a share.
The company said sales fell 3% in September, less than the 4% decline in Wall Street, but after the fire was eliminated, sales were stable over the same period.
Ike Boruchow, an analyst at Wells Fargo, said that Gap was trying to make further progress to improve its performance. Its brand Old Navy also showed growth momentum. The year-on-year profit rose 4% in September, but there was a problem in Gap brand and Banana Republic brand. The sales of Gap brand registered 10% year-on-year decline of 10%, while Banana Republic brand recorded a 9% year-on-year sales decline in September.
Ike Boruchow added that even though Gap's sales performance in September was better than expected, the company's outlook is still full of uncertainties. It is expected that October's year-on-year sales will fall by 3%. The impact of the fourth quarter has not been quantified for the time being, but it is certain that the company will have to face the challenges of the holiday season.
Simeon Siegel of Nomura Securities analyst pointed out that about 12 million products were damaged in last month's New York distribution center fire, and most of the products belonged to them.
Gap brand
。
In terms of cost, the company will use the full channel production mode to complete the order.
CEO Art Peck of Gap said to investors last month that the company has already demanded a positive initiative in buying.
Company believes
Consumer
The environment is still strong, and now there are signs that cowboy products will be popular again.
The US general election has affected consumer's desire to a certain extent, but the company is still confident of its performance in the second half of the year. The team has worked out a feasible business strategy for the current difficult retail environment.
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