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 Happy holidays to everyone!! ； ；Has anyone shopped at |
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Happy holidays to everyone!! ； ；Has anyone shopped at -- ceo/cfo - (2197 Byte) 2005-12-24 周六, 01:53 (1835 reads) |
大友
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头衔: 海归中校
加入时间: 2004/02/21
文章: 560
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作者：大友 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Most Guys/gals here on haiguinet are probably too sophisticated and too financially successful to look at GAP product. 
I've been to one of GAP's 4 distribution centers in US. It is simply HUGE but very efficient. Outside US, GAP has 3 other distribution centers in England, Canada and Japan.
Let me give you some numbers: this GAP's distribution center has 2.4 million sq ft space. If you can't picture how big it is, think about 42 football fields or 495 basketball courts pieced together side by side, that is GAP machine baby!
I witnessed products from vendor get received into this huge GAP machine and went through scan, sorting, recording and stocking. Sorters and conveyors are running restlessly above in the air directing the unit to the right spot either for storage, return-to-vendor, or picking for ship. This distribution center is holding over 50,000 SKUs, 57 million units and has shipped over 360 million units in 2004. Each unit will stay in this distribution center no more than 2 weeks. GAP has a decent inventory turns, though not the best in industry.
Seems to me GAP has a good control over its manufacturing and distribution cost. The problem leaves to its top line growth. Despite its branding and marketing issues (who does not?), I see GAP still has a good customer base among average Americans and probably most important of all, certain degree of customer loyalty. You see many people walk into stores wearing GAP-branded products and take away more as they leave.
Surprisingly GAP has not bad profit margin at all being a low-end product-oriented company.
It is going to be tough to win a low-barrier battle against other similar sized competitors. J. Crew is going to IPO soon (anybody has latest news?). That is one company I am interested in.
I'd suggest you take a look at deckers (DECK) - also in apparel industry. Small cap, low P/E, fat margin, beat street estimate almost every time in the past. It missed once by a penny and was bloodly shorted. Your son will not be able to help you this time. You will need a daughter to figure out the trend then ...
作者：大友 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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