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1、AnalysisofFinancialCHAPTER3StatementsSOURCE:JerryArcieri/SABANOTE:Wehavecoveredthischapterbothearlyinthecourseandtowardtheend.Earlycoveragegivesstudentsanoverviewofhow?nancialdecisionsaffect?nancialstatementsandresults,andthusofwhat6?nancialmanagementisallabout.Latercov

2、erage,afterstudentshaveanunderstandingofstockvalu-THEGAPWARNSWALLSTREET$GAPINC.hortlyafterthemarketsclosedonAugust30,cautionedinvestorsthatfuturesalesandearningsmightS2000,GapInc.reporteda14percentdeclinebeweakerthanexpected.initsmonthlysame-storesales.ThemarketsUntilth

3、isrecentdecline,Gapstockhadperformedrespondedquickly,andGap’sstockpricefellsharplyquitewell—shareholdershaverealizeda387percentinovernighttrading.Attheendofthefollowingcumulativereturnoverthepast?veyears.Followingtradingday,thestock’spricewas$22pershare,almostthisreport

4、,manyanalystsannouncedthattheywerea60percentdeclinefromits52-weekhighofdowngradingtheiropinionofGapstock.However,other$53.75.analystsarguedthatGapmightstillbeanattractiveWhiletheopeningofnewstoresenabledGaptoinvestmentforlong-terminvestorsduetoitslong-termreporta6percen

5、tincreaseinoverallsales,themarkettrackrecordanditsabilityinthepasttorecoverfromclearlyfocusedonthedisappointingdeclineinsame-slumpingsales.storesales.Analystspouringoverthecompany’sWallStreet’sresponsetoGap’sannouncementbrings?nancialdatawerealsoconcernedaboutaweakening

6、homeseveralimportantpoints.First,investorsandotherseconomy,thecompany’srecentdif?cultiesinmanagingoutsidethecompanyusereportedearningsandotheritsinventory,andthepossibilitythathigher?nancialstatementdatatodetermineacompany’svalue.distributioncostsandincreasedcompetition

7、mightSecond,analystsareprimarilyconcernedaboutfuturelowerfutureoperatingmargins.Anevencloserlookatperformance—pastperformanceisusefulonlytothethedatashowedthatdeclinesinsame-storesalesextentthatitprovidesinformationaboutthecompany’soccurredatnotonlythe?agshipstoresbutal

8、soatthefuture.Finally,analystsgobeyondreportedpro?tsandcompany’sBananaRepublicandOldNavyunits.Thedigintothedet