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Non-Tech : The Gap -- Ignore unavailable to you. Want to Upgrade?

To: HRM who wrote (73)	7/12/1999 9:51:00 AM
From: Beltropolis Boy	Read Replies (1) \| Respond to of 189

harry. appreciate the number crunching. (fwiw, it appears that we have PAYX and SBUX as similar interests as well.) as you note, your sequential ratios are telling and lead one to believe that gap 'clears out' inventory during the fall and winter. from my personal notes (pro'ly via the 10-k), gap's sales do peak over a total of about 10-13 weeks during back-to-school and holiday periods. during FY98 and FY97, these periods accounted for 37% and 35%, respectively, of gap's annual sales. curious: are you bothered at all by management's use of debt to fuel share buybacks? on the other hand, cash flow is very strong at $1.15B over the past year, which is significantly higher than $804M and $668M in FY98 and FY97, respectively. thanks again for the due dilly, -chris.