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Read : 1007
Date : 2004-07-02(Fri) 00:00:00
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Gap’s profit growth |
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NEW YORK (July 2, 2004) - Standard & Poor’s revised its outlook on Gap’s
debt to “positive” from “stable” Thursday due to the specialty
retailer’s fast-growing earnings over the past several years. In May, Gap
posted its seventh consecutive quarter of profit growth and in May it
generated a comparable-store sales increase of 11 percent. S&P said Gap
“has the opportunity to further improve operating performance over the
next few years through greater sales of merchandise at full price and cost
leverage. Nevertheless, intense competition and the inherent fashion risk
of the industry may make progress uneven.” Gap will be among the
retailers reporting its June sales next Thursday. Guess said Thursday that
its comparable-store sales for the four weeks ended June 26 advanced 12.7
percent, allowing it to end its second quarter with a comp increase of
15.1 percent. June sales progressed 18.8 percent to $34.6 million while
second-quarter sales tallied $115.2 million, a 20.5 percent increase. |
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