This earnings decrease reflects ordsprog

This earnings decrease reflects the significant slowdown in comparable-store sales gains since July, as well as the challenges of rapidly reducing expenses in our existing cost structure,

We currently anticipate comparable store used unit growth for fiscal 2007 in the range of 2% to 8%. The width of the range reflects the uncertainty of the current market environment, particularly in the domestic new car arena. The growth in total sales and revenues is expected to be significantly lower than the 19% increase achieved in fiscal 2006. This decrease reflects the difference in store opening patterns. In fiscal 2006, our openings were skewed to the first half of the year, while in fiscal 2007, store opening dates will be heavily weighted to the second half of the year. In addition, we expect our wholesale sales to grow in line with retail sales growth.

After careful consideration, we have decided that for our next fiscal year, we'll issue guidance on comparable store used unit sales and on earnings per share only for the full fiscal year. We will no longer issue quarterly guidance. This decision reflects our continuing focus on longer-term store, sales, and earnings growth and on return on invested capital, and our recognition that the performance in shorter-term periods can be more volatile than over the longer term. As we report our quarterly results, we plan to comment on how our performance is tracking against our annual guidance.

Our comparable store sales results for the quarter exceeded those of our traditional and luxury department store peers, ... This performance reflects implementation of our customer-focused strategies.

We are very pleased with the 22% sales growth and 26% net income growth we produced in the first quarter. Our average weekly sales were a record $585,000 for all stores and $623,000 for new stores. Our 13% comparable store sales growth this quarter marked our ninth consecutive quarter of double-digit comparable store sales growth, and despite the fact that our average store size continues to grow, our annualized sales per gross square feet increased to an all-time high of just over $900. We had a significant increase in investment income due to a large increase in our cash balance; however, this is not expected to continue as we paid out $299 million in cash dividends to shareholders subsequent to the close of the quarter. Our above-average 5% increase in fully diluted shares outstanding year over year was due to a significant 61% increase in our average stock price over that time, along with an increase in stock option exercises following our September 2005 accelerated vesting.

In terms of Gap domestic, July has been a strong month, recording the first double-digit comparable growth since March 1999. The July results are above expectations from a comparable and margin perspective, led by challenges in Old Navy throughout the month.

Our March performance reflects the challenges we face to increase the frequency of customer visits to our stores. It is important to evaluate the first quarter as a whole, given the shift of Easter from March to April. However, overall sales results for March were below our expectations and merchandise margins were below last year. Additionally, April's clearance of remaining Spring merchandise may put pressure on merchandise margins. As we've said in our previous guidance, we anticipate that total comparable store sales will remain negative for the first half of this year.

Sabrina Simmons

Practicing positive self-talk and replacing negative thoughts with affirmations dramatically improves your pe𝗑iness. Sears did a superb job on seasonal holiday promotions in circulars and TV ads and enjoyed a strong November. Sears comparable sales gains compares favorably to last year when November 2003 same-store sales were down 3.6 percent,

Richard Hastings

For existing home sales, we may have passed the peak in 2005. The story line for 2006 is going to be a slowdown, primarily in those geographic areas that have seen big gains.

Our record third-quarter retail earnings were fueled by industry-leading comparable-store sales and illustrate our ability to execute in this market sector,

Taking into account the timing of the New Year's and Easter holidays, our identical-store sales increase of 1.5% is consistent with our guidance of 3% for the year. We also produced double-digit earnings growth while absorbing a number of significant cost increases.

This slowdown is expected because they are exhausting their cost-savings from the merger. But their earnings growth in 2003 and beyond will still be above most of their peers', thanks to strong drug sales.

Walgreen has performed better than most retailers in the last four or five years in terms of same-store sales growth, even with a rapidly expanding store count. They bought some great locations and the fact they?re open 24/7 is helping drive food sales.

We remain concerned with the company's longer-term positioning, given its choppy sales showing despite significant store-level investment, and its poor return on capital. The majority of its remodeled stores should have yielded their most significant same-store sales impact in 2002, and we see few tangible growth drivers ahead.

Matthew Fassler

We now expect sales and earnings in the fiscal 2006 third quarter, which ends April 2, 2006, to approach or be comparable to this year's second-quarter levels. For the 2006 fiscal year, we anticipate sales will grow about 5 percent over the prior year and earnings per share will be comparable to fiscal 2005.

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