In its review of March 2011 sales, Citi is commenting on Gap Inc. GPS, which it believes is the big story of the day.
“The company announced a surprise move to lever up to buy back shares; we also learned that Japan is a much more robust market for GPS than we had thought,” Citi writes.
“While the company's comp trends slumped, March was a pretty strong month for our reporters, led by solid execution from Limited Brands, Inc. LTD. Our Softline index declined (0.8%) for March versus a +2.9% gain in February and +12.5% growth in March 2010. That was better than our (4.4%) forecast.”
Gap closed Thursday at $22.72; Limited Brands closed at $35.80.
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