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GAP INC is another retailer in the bear market
Sales productivity today (blended) is in excess of $400/foot. In past recessions it's dropped down closer to $360/foot. And on a go-forward basis, with increasing competition from Uniqlo, H&M, and not to mention little ol' Primark, we think that GPS is just structurally unable to compete -- especially at a 12%+ margin structure when we're late in the economic cycle.
We're fully aware that the stock looks "cheap" (whatever that means) at 10x earnings. But take sales productivity down by 15%-20% and the fixed cost deleverage takes earnings per share negative. Not so "cheap" on those numbers.
Short Green into an overbought close,
We're fully aware that the stock looks "cheap" (whatever that means) at 10x earnings. But take sales productivity down by 15%-20% and the fixed cost deleverage takes earnings per share negative. Not so "cheap" on those numbers.
Short Green into an overbought close,
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