Piper Jaffray Previews Same-Store-Sales (GPS)

Piper Jaffray is out with a research report previewing April same-store-sales, and it mentions Gap GPS in the report. In a note to clients, Piper Jaffray writes, "Our April same-store sales index is forecast to increase +9.7%, following a 3.1% decline in March and a 3.5% increase in February. With the Easter selling season shifting into April, our combined March and April comp forecast is +6.6% versus LY's +8.8%. The y/y decline stems from weaker specialty comps (most notably at GPS) and cooler, wetter weather. Looking ahead to May, we believe better weather should be a benefit but the economic environment remains a concern with rising food and fuel prices and stagnant employment levels." Shares of GPS lost 2 cents on Friday to close at $23.24, a loss of 0.1%.