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Retail sector takes a bruising after Gap dials up the caution

Aug. 09, 2016 1:36 PM ETThe Gap, Inc. (GPS) StockM, TGT, GPS, BBWI, KSS, CHS, DDS, TLRD, CTRN, BKE, FRED, CATO, EXPR, ASNA, CBKCQ, TUEMQBy: Clark Schultz, SA News Editor11 Comments
  • There's a dark mood in the apparel store sector after Gap (GPS -6.4%) spilled its July sales numbers.
  • The retailer's 4% drop in comparable store sales for the month missed the -1% mark expected by analysts by a wide margin. Gap had raised hopes for a retail sector comeback with a return to a positive comp in June before the July disappointment.
  • On a prerecorded sales call (855-500-0477 participant code 7405599), Gap management dropped a discouraging nugget: "We’re maintaining a cautious view of the retail environment in the second half."
  • As a bit of a bellwether, the outlook from Gap is resonating across the retail sector. There's also a cut on same-store estimates for Target from Cleveland Research which could be drawing some attention.
  • Retail decliners: Tailored Brands (TLRD -5.5%), Ascena Retail Group (ASNA -4.7%), Express (EXPR -4.4%), Citi Trends (CTRN -3.3%), Buckle (BKE -3.4%), Cato (CATO -3.3%), American Eagles Outfitters AEO, Abercrombie & Fitch ANF, Chico's FAS (CHS -2.6%), Kohl's (KSS -3.7%), Dillard's (DDS -2.9%), Macy's (M -2.4%), Fred's (FRED -3.3%), Target (TGT -3.1%), Tuesday Morning (TUES -1.5%), L Brands (LB -1.9%), Christopher & Banks (CBK -2.6%).

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