May want to pursue the possibilities that a different person did them both, and neither was our client.
It was a very accelerated or aggressive promotional season - one that I think is going to be tough to predict. I don't think I've entered a first quarter with as much uncertainty.
There's no question things are stinky at Gap, but to say fourth-quarter results will be so bad as to cause them to violate their debt covenant is a huge stretch of the imagination.
When you do that, The Gap declares victory. The Web site has just succeeded in getting you into the store.
They are very strong retailers.
They focused the store too sharply on fashion, let go on the basics, and their fashion didn't work. By selling low-rise jeans and mechanics jeans to hip 24-year-olds, you're alienating me and worse yet, you weren't able to catch that hip 24-year-old.
The Gap has two challenges.
That's pretty dismal, ... My sense is September is not going to be much better.
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