Many Softline (clothes) retailers will report 1Q08 earnings over the next 2 weeks. The companies have already reduced expectations, and Citi sees the poor economic and sales climate as a time to capitalise:
Despite weak performance in 1Q, we expect the majority of Softline retailers will report 1Q EPS inline to above revised consensus estimates…We believe there is upside potential to consensus estimates for:
- GPS [The Gap],
- HOTT [Hot Topic],
- ROST [Ross Stores],
- TLB [Talbots], and
- LTD [Limited Brands].
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