Gap's troubles persist but at least the Old Navy spinoff isn't happening, analysts say
Gap's troubles persist but at least the Old Navy spinoff isn't happening, analysts say
MW Gap's troubles persist but at least the Old Navy spinoff isn't happening, analysts say
分析人士表示，MW Gap的麻煩持續存在，但至少老海軍的剝離沒有發生
By Tonya Garcia, MarketWatch
作者：Tonya Garcia，MarketWatch
Deal was called off after the costs showed it would not create 'appropriate value'
交易被取消，因為成本表明它不會創造“適當的價值”
Gap Inc.'s decision to call off the Old Navy spinoff resolves one issue for the troubled retailer, but there are many more to deal with, according to analysts.
分析人士説，Gap Inc.取消舊海軍分拆的決定解決了這家陷入困境的零售商的一個問題，但還有更多的問題需要處理。
Gap (GPS) announced late last week that it was canceling its plans to separate Old Navy from the rest of the company, saying the "cost and complexity" of the process meant the split wouldn't "create the appropriate value."
Gap上週晚些時候宣佈，將取消將老海軍與公司其他部門分離的計劃，稱這一過程的“成本和複雜性”意味着拆分不會“創造適當的價值”。
Read:Gap stock jumps on news it will not spin off Old Navy (http://www.marketwatch.com/story/gap-stock-jumps-on-news-it-will-not-spin-off-old-navy-2020-01-16)
閲讀：Gap股價因不會剝離舊海軍(http://www.marketwatch.com/story/gap-stock-jumps-on-news-it-will-not-spin-off-old-navy-2020-01-16)的消息而上漲
Jefferies analysts recently downgraded Gap shares (http://www.marketwatch.com/story/gap-downgraded-as-analysts-wonder-whether-old-navy-should-be-separated-2020-01-07) on concerns about whether the spinoff was the best move. Wells Fargo analysts also said a cancelation would be a good move.
傑富瑞分析師最近下調了Gap Shares(http://www.marketwatch.com/story/gap-downgraded-as-analysts-wonder-whether-old-navy-should-be-separated-2020-01-07)的評級，原因是擔心剝離是否是最好的舉措。富國銀行分析師也表示，取消預訂將是一項不錯的舉措。
With the transition nixed, analysts have a more positive view though they agree the company still has plenty of troubles.
由於過渡被否決，分析師們對此持更為積極的看法，儘管他們一致認為，該公司仍存在大量問題。
"While this decision is surprising given management's prior conviction behind it, we applaud the revised strategy and continue to believe it makes significantly more sense to keep Old Navy intact (even more so given recent Old Navy performance)," MKM Partners' Managing Director Roxanne Meyer wrote in a note.
MKM Partners的執行董事Roxanne Meyer在一份報告中寫道：“雖然考慮到管理層之前的信念，這一決定令人驚訝，但我們對修訂後的戰略表示讚賞，並繼續相信，保持舊海軍的完整(考慮到最近舊海軍的表現更有意義)。”
Gap's Interim Chief Executive Robert Fisher gave three reasons (http://www.marketwatch.com/story/gap-has-three-reasons-its-committed-to-spinning-off-the-old-navy-brand-2019-11-22) for why the separation would not happen during its most recent earnings call.
Gap的臨時首席執行長費希爾在最近一次財報電話會議上給出了(http://www.marketwatch.com/story/gap-has-three-reasons-its-committed-to-spinning-off-the-old-navy-brand-2019-11-22)不會進行分拆的三個理由。
"As we've discussed previously, we believe the dis-synergies from the separation (particularly in sales, but also in the supply chain would have been significantly greater than expected," MKM said.
MKM表示：“正如我們之前討論過的那樣，我們認為，分離帶來的協同效應(特別是在銷售方面，但在供應鏈方面)將大大超過預期。”
MKM rates Gap stock as neutral with a $19 price target.
MKM將Gap股票評級為中性，目標價為19美元。
See:Target's holiday weakness in electronics drags down Best Buy's stock (http://www.marketwatch.com/story/targets-holiday-weakness-in-electronics-drags-down-best-buys-stock-2020-01-15)
見：塔吉特假期電子產品疲軟拖累百思買股價(http://www.marketwatch.com/story/targets-holiday-weakness-in-electronics-drags-down-best-buys-stock-2020-01-15)
When the spinoff was first announced, Art Peck was Gap's chief executive and Old Navy was a growth engine.
在最初宣佈剝離時，阿特·佩克是Gap的首席執行官，老海軍是增長引擎。
Now, Old Navy is in the midst of a turnaround (http://www.marketwatch.com/story/old-navy-spin-off-thrown-into-question-with-gap-ceo-departure-2019-11-08) after same-store sales declines, and Peck has left the company.
現在，在同店銷售額下降後，老海軍正在進行(http://www.marketwatch.com/story/old-navy-spin-off-thrown-into-question-with-gap-ceo-departure-2019-11-08)的扭虧為盈，佩克已經離開了公司。
Gap also announced last week that the Gap brand president, Neil Fiske is stepping down; Banana Republic Chief Executive Mark Breitbard will lead specialty brands, which includes the namesake, Banana Republic and Athleta; and Chief Financial Officer Teri List-Stoll will now lead corporate operations, including those related to real estate and supply chain.
Gap上週還宣佈，Gap品牌總裁、尼爾·菲斯克將離職；Banana Republic首席執行官馬克·佈雷特巴德將領導包括同名品牌Banana Republic和Athleta在內的特色品牌；首席財務官Teri List-Stoll現在將領導企業運營，包括與房地產和供應鏈相關的業務。
The company is searching for a new CEO.
該公司正在尋找新的首席執行官。
The spinoff could have cost as much as $800 million, according to Wells Fargo.
據富國銀行稱，剝離可能耗資高達8億美元。
"After speaking with management, one detail they remain upbeat on is the fact that the organization was forced to become more efficient through this process in pursuit of dis-synergy offsets, which they believe they can continue even without the spin," Wells Fargo analysts led by Ike Boruchow wrote.
“在與管理層交談後，他們仍然對一個細節保持樂觀，那就是該組織被迫通過這一過程提高效率，以追求非協同效應的抵消，他們相信，即使沒有旋轉，他們也可以繼續下去，”以艾克·博魯考為首的富國銀行分析師寫道。
Wells Fargo notes that there were signs of an Old Navy turnaround over the holidays, but Gap has languished for five years as issues with quality, fit and brand vision eroded customer loyalty.
富國銀行指出，有跡象表明，老海軍在假期期間出現了好轉的跡象，但Gap已經苦苦掙扎了五年，因為質量、合身和品牌願景方面的問題侵蝕了客户的忠誠度。
Don't miss:Lululemon bucks the weak holiday sales trend and raises guidance (http://www.marketwatch.com/story/lululemon-bucks-the-weak-holiday-sales-trend-and-raises-guidance-2020-01-14)
不要錯過預期：露露檸檬逆轉了疲軟的假日銷售趨勢，提高了(http://www.marketwatch.com/story/lululemon-bucks-the-weak-holiday-sales-trend-and-raises-guidance-2020-01-14)的指引
Now Gap is getting more aggressive about store closures, with plans for about one-third of North American stores to shutter over the next couple of years, according to Wells Fargo. And the company's smaller brands like Athleta and the newly-launched Hill City showing promise.
現在，Gap在關閉門店方面變得更加積極，根據富國銀行的數據，計劃在未來幾年內關閉大約三分之一的北美門店。而該公司規模較小的品牌，如Athleta和新推出的Hill City也顯示出了希望。
Wells Fargo rates Gap shares equal weight with an $18 price target.
富國銀行(Wells Fargo)對Gap股票的評級相同，目標價為18美元。
"Top-line weakness at core Gap and Banana Republic continue to put pressure on profits and losses, while the deteriorating top-line and margin performance at Old Navy demonstrate uncertainty on the go-forward model trajectory," JPMorgan analysts say.
摩根大通分析師表示：“Core Gap和Banana Republic的營收疲軟繼續給盈虧帶來壓力，而老海軍不斷惡化的營收和利潤率表現表明，前進模式的軌跡存在不確定性。”
JPMorgan rates Gap shares as underweight with an $18 price target.
摩根大通將Gap股票評級為減持，目標價為18美元。
Gap stock was down 2.6% in Tuesday trading and is down 30.6% over the last year.
Gap股價在週二的交易中下跌了2.6%，比去年下跌了30.6%。
Gap is scheduled to announce fourth-quarter earnings on Feb. 27.
Gap定於2月27日公佈第四季度收益。
The SPDR S&P Retail ETF (XRT) has gained 1.7% over the last 12 months and the benchmark S&P 500 index is up 24.6% for the period.
SPDR標準普爾零售ETF(XRT)在過去12個月中上漲了1.7%，基準的標準普爾500指數同期上漲了24.6%。
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
--Tonya Garcia；415-439-6400；
(END) Dow Jones Newswires
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January 21, 2020 11:55 ET (16:55 GMT)
2020年1月21日東部時間11：55(格林尼治標準時間16：55)
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