Gap Executes on Growth Strategy, but Shares Are Fairly Valued
No-moat Gap posted its fifth consecutive quarter of positive sales growth in the fourth quarter (up 5%) and sixth consecutive quarter of adjusted gross margin expansion (up 310 basis points to 36.8%), leading us to believe that repositioning efforts are effective, and that improvement is sustainable. Although our model already accounted for top-line improvement, with low-single-digit revenue growth expected on average annually over the next five years versus a low-single-digit decline in the las...
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