As an old retired guy I no longer spend my day glued to to the computer screen. Yesterday I was on the White River catching rainbow and brown trout when GPS reported better than expected sales metrics.
- Gap Inc. Comparable sales by global brand for May 2016 were as follows:
- Gap Global: -3% versus -6% last year
- Banana Republic Global: negative 11% vs -11.2% BR Retail Metrics consensus and -5% last year
- Old Navy Global: -7% vs -8.4% Old Navy Retail Metrics consensus and +6% last year
- The company noted that while the overall month was challenging, performance improved leading into the Memorial Day holiday weekend. “As we move into the second quarter, we are continuing to make progress against our recently announced measures while maintaining the financial discipline we are known for,” said Sabrina Simmons, chief financial officer,
- Courtesy of Briefing.com
I was holding GPS in three accounts and sold all GPS in two of those at $19.44. With the better than expected report I will hold the rest for a week or two and give it a chance to run.
If GPS trades over $18.73 it will be a cup and handle breakout on the daily chart and it could run to resistance at $21.11 or even to $24.35 with no additional bad news.