資源描述：
《3 - Analysis of Financial Statements.pdf》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
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
