资源描述：
《3 - Analysis of Financial Statements.pdf》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、AnalysisofFinancialCHAPTER3StatementsSOURCE:JerryArcieri/SABANOTE:Wehavecoveredthischapterbothearlyinthecourseandtowardtheend.Earlycoveragegivesstudentsanoverviewofhowfinancialdecisionsaffectfinancialstatementsandresults,andthusofwhat6financialmanagementisallabout.Latercov
2、erage,afterstudentshaveanunderstandingofstockvalu-THEGAPWARNSWALLSTREET$GAPINC.hortlyafterthemarketsclosedonAugust30,cautionedinvestorsthatfuturesalesandearningsmightS2000,GapInc.reporteda14percentdeclinebeweakerthanexpected.initsmonthlysame-storesales.ThemarketsUntilth
3、isrecentdecline,Gapstockhadperformedrespondedquickly,andGap’sstockpricefellsharplyquitewell—shareholdershaverealizeda387percentinovernighttrading.Attheendofthefollowingcumulativereturnoverthepastfiveyears.Followingtradingday,thestock’spricewas$22pershare,almostthisreport
4、,manyanalystsannouncedthattheywerea60percentdeclinefromits52-weekhighofdowngradingtheiropinionofGapstock.However,other$53.75.analystsarguedthatGapmightstillbeanattractiveWhiletheopeningofnewstoresenabledGaptoinvestmentforlong-terminvestorsduetoitslong-termreporta6percen
5、tincreaseinoverallsales,themarkettrackrecordanditsabilityinthepasttorecoverfromclearlyfocusedonthedisappointingdeclineinsame-slumpingsales.storesales.Analystspouringoverthecompany’sWallStreet’sresponsetoGap’sannouncementbringsfinancialdatawerealsoconcernedaboutaweakening
6、homeseveralimportantpoints.First,investorsandotherseconomy,thecompany’srecentdifficultiesinmanagingoutsidethecompanyusereportedearningsandotheritsinventory,andthepossibilitythathigherfinancialstatementdatatodetermineacompany’svalue.distributioncostsandincreasedcompetition
7、mightSecond,analystsareprimarilyconcernedaboutfuturelowerfutureoperatingmargins.Anevencloserlookatperformance—pastperformanceisusefulonlytothethedatashowedthatdeclinesinsame-storesalesextentthatitprovidesinformationaboutthecompany’soccurredatnotonlytheflagshipstoresbutal
8、soatthefuture.Finally,analystsgobeyondreportedprofitsandcompany’sBananaRepublicandOldNavyunits.Thedigintothedet
