“They focused the store too sharply on fashion, let go on the basics, and their fashion didn't work. By selling low-rise jeans and mechanics jeans to hip 24-year-olds, you're alienating me and worse yet, you weren't able to catch that hip 24-year-old.”
“It was a very accelerated or aggressive promotional season - one that I think is going to be tough to predict. I don't think I've entered a first quarter with as much uncertainty.”
“There's no question things are stinky at Gap, but to say fourth-quarter results will be so bad as to cause them to violate their debt covenant is a huge stretch of the imagination.”
