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Get Four
|  | AUGUST 23, 2004
 WORD ON THE STREET Wachovia Lowers Sports Authority to Market Perform Analyst Ralph Jean doesn't think sales trends have rebounded from the second quarter Wachovia downgraded Sports Authority (TSA ) to market perform from outperform. Analyst Ralph Jean says based on recent channel checks, he doesn't think sales trends have rebounded from second-quarter levels. He notes the retailer preannounced a few weeks ago that second-quarter comparable sales would decline 4% to 5%. He says he has low visability on second-half comparable sales, despite the benefits from remerchandising and remodeling initiatives. He's concerned about a slowdown in the core business, too. Jean cut his $2.35 fiscal 2005 (Jan.) earnings per share estimate to $1.95, and trimmed the $2.90 fiscal 2006 estimate to $2.25. He notes long-term, as the company gets further along in its merger integration and has more remodels completed, it will provide a catalyst to accelerating comparble sales.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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