Todd Slater Quotations

I think it will be successful initially because it's new and different. But long-term, I don't think the business has a great chance of succeeding in its current incarnation -- not from a design point of view but from a merchandising point of view. I don't know that the merchandise outperformed the competition.

Gap has to know that it can't spend its way to success. The marketing message may be good, but if they can't get their product right, it won't help. The consumer ultimately votes with the wallet.

Clearly the economy is not helping. Consumers are relatively strapped, and they're focusing more of their time and attention on the big discount days, like black Friday (the day after Thanksgiving) and today.

The near-term is fraught with more questions than answers. Sales comparisons are likely to toughen dramatically going forward.

I think because of the easy comparisons, apparel has an opportunity to stand out through the rest of the quarter compared to some of the other categories.

I think consumers rested a little in June after spending their hearts out in April and May.

The bottom line at Gap is that despite egregious merchandising, the power of the brand enabled it to clear product at more favorable margin rates than expected.

Mervyn's & Marshall Field's continue to implode, and there is no sign of stabilization.

April should recover nicely benefiting from more seasonal weather and pent-up demand.

While we think the new management team is focused on reinventing the company, the first quarter is off to a hazy start and prospects for the rest of 2003 look even fuzzier.