The Gap Message Board - Msg: 10462486

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Non-Tech : The Gap

GPS 23.43

-3.9%

Nov 5 3:59 PM EST

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To: Beltropolis Boy who wrote (70)	7/11/1999 7:02:00 PM
From: HRM	Read Replies (1) of 189

<<curious: any concerns over the latest quarterly numbers? year-over-year Some good comments. I went back in particularly and looked at your question relating to sales growth vs inventory growth to help me put things in perspective. The first table takes the ratio of the growth in sales over the growth in inventories for sequential quarters. ie, a number < 1.0 indicates inventories growing faster than sales. A clear seasonal pattern is evident and the April quarterly numbers are a little low but close to prior years. Ratio of Growth in Sales to Growth in Inventories (Sequential Quarters) 1999 1998 1997 1996 1Q 66.3% 70.7% 68.0% 72.1% 2Q 82.7% 86.7% 86.0% 3Q 101.0% 106.0% 99.4% 4Q 164.3% 164.0% 148.3% The second table takes the same ratio of the growth in sales over the growth in inventories for current vs prior year quarters. Again, a number < 1.0 indicates inventories growing faster than sales. This one is a little harder for me to decipher. It might be impacted by several factors, but nothing in particular jumped out at me. Ratio of Growth in Sales to Growth in Inventories (Curr Qtr to Prior Yr Qtr) 1999 1998 1997 1996 1Q 91.0% 106.7% 86.1% 2Q 101.7% 86.9% 3Q 96.9% 92.7% 4Q 97.1% 102.5% 91.4% Overall, I came away with a little more comfort with the numbers, although they bear watching. FWIW Harry

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