Your Web Site
Oct 10 (Reuters) - Friedman Billings Ramsey cut its price target on several U.S. apparel retailers, including Gap Inc (GPS.N: ) and Chico's FAS Inc (CHS.N: ), following weak September same-store sales, and said the remainder of the retail fiscal year will feature weak traffic and increased promotions. U.S. clothing retailers posted dismal same-store sales as the global financial crisis further squeezed consumers who were already cutting back because of the weak economy. [ID:nN09416010] The fundamentals underlying the sector remain very negative and any short-term runup is likely unsustainable until the macro environment improves, analyst Adrienne Tennant said. "We believe holiday 2008 could be one of the worst in recent history, and we forecast that year-on-year sales could actually be negative this year," Tennant wrote in a... [read full story]
