Bloomberg the Company

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Follow Us

Industry Products

Markets & Finance

BofA Cuts Gander Mountain to Neutral


Banc of America cuts Gander Mountain (GMTN) to neutral from buy.

Analyst Robert Ohmes says third-quarter comparable sales declined 7.5% and revenue were $178 million, vs. his 3.5% increase and $196 million estimates, respectively. He says sales were dramatically below forecast. Footwear and outerwear sales have been weaker than expected (partially due to warmer-than-expected weather).

Also, its co-branded credit card promotions were apparently not as effective at driving sales of higher ticket items. Finally, new square-foot productivity appeared to track roughly 75% of last year's store chain average (vs. 80% to 90% for the first-half of 2004). Ohmes slashed his 75 cents fiscal 2005 (ending January) earnings per share estimate to 30 cents and $28 target to $12.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus