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Gap (GPS) balance and sales came in hardly bigger than accepted for the third quarter. But same-store sales at its namesake and Old Navy locations were worse than expected, and the accoutrement banker bargain its full-year accession outlook.

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The after-effects appear advanced of Black Friday and the key anniversary arcade division for retailers, and afterwards investors unloaded retail stocks beforehand in the day.

“We are acutely not annoyed with the achievement of Gap brand,” Gap CEO Art Peck said in a statement. “We apperceive this iconic cast is important to customers, and we are committed to demography the adventurous and all-important accomplish to ensure that it delivers amount to shareholders.”

Last year’s anniversary bump, amidst low expectations, led to broader broker optimism, and brick-and-mortar and online retailers accept continued acceptable Black Friday sales throughout the month. But apropos accept developed about this year’s anniversary aeon and 2019.

Estimates: Wall Street accepted Gap balance per allotment to acceleration 17% to 68 cents. Revenue for the conservatively accidental accoutrement banker was accepted to acceleration 4% to $3.983 billion. Same-store sales all-embracing were accepted up 1.1%, according to Consensus Metrix.

Results: EPS of 69 cents. Net sales came in at $4.1 billion. Third-quarter comps were collapsed overall.

Same abundance sales at Gap Global food fell 7%, compared to forecasts for a 3.8% drop. Old Navy comps rose 4%, missing expectations for a 4.5% gain. Banana Republic same-store sales rose 2%, aloft angle for 0.6%.

When factoring out the acceptance of new sales acceptance standards, gross allowance was 160 base credibility lower than a year ago, “largely apprenticed by an access in shipping expenses and animated promotional action at Gap brand,” the aggregation said. Operating allowance fell 90 basisi credibility to 8.9%.

The aggregation said it narrowed its full-year balance per allotment angle to $2.55 to $2.60, compared to an beforehand anticipation for $2.55 to $2.70. Analysts accepted $2.57.

Gap additionally said it was afraid with expectations for same-store sales to appear in “flat to up slightly” this year.

Gap banal crept 0.5% college afterwards hours in the banal bazaar today, after hitting a 14-month low of 24.25 intraday. Retail stocks, which had been banal bazaar leaders until two weeks ago, accept been formed amidst a alternation of balance letters and advice abashed Wall Street. Shares abide active beneath their 50-day and 200-day lines.

Zacks said that Gap stock, which additionally runs Old Navy and Banana Republic stores, has lagged rivals due to struggles at namesake Gap locations.

To drive growth, the aggregation has banked added on agenda sales as able-bodied as Old Navy and Athleta, a alternation that sells able-bodied abrasion for women. Gap wants to accessible 270 Old Navy and Athleta food aural the abutting three years, Zacks notes. Over that time the aggregation will additionally abutting 200 Gap and Banana Republic locations.

Target (TGT) best up 0.3% afterwards hours. The banal accomplished the day 10.5% lower  after its balance and same-store sales missed. The aggregation additionally said margins fell, due to “higher accession alternation costs apprenticed by advance in agenda accomplishment costs” and the accession of holiday-period inventory.

Similarly, Kohl’s (KSS) afford 9% on Tuesday. It was banausic afterwards hours. The department-store alternation aloft its full-year accession outlook, but not abundant to amuse investors.

Big-box apparatus and electronics alternation Best Buy (BBY) rebounded backward morning Tuesday, up 2% afterwards biconcave beforehand on a apathetic holiday-quarter outlook. Shares were about collapsed afterwards the close.

Retail stocks had persevered during the contempo correction. But some accept awash off acutely in contempo canicule afterwards advertisement anemic balance and guidance.

But absorption ante and busline and activity costs are active higher, Quo Vadis analyst John Zolidis said in a analysis agenda this week. The double-digit allotment accession addition abounding companies got from GOP tax cuts this year could additionally be added aerial abutting year.


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