JP Morgan's EPS Revisions for Specialty Retail Stores (ANN, BEBE, CHS, CWTR)

The Specialty Retailing Reviews are in from JP Morgan, and here is what they have to say:Ann Taylor Stores, Inc. (NYSE: ANN) has had its 2010/11 EPS estimates lowered to $1.08 from $1.12 and $1.24 from $1.40, respectively. ANN is doing well with controlling costs and managing inventory while see strong gross margins. The concern is softening retail sales, according to JP Morgan, and therefore a more conservative 2011 outlook is in the forecast.Chico's FAS, Inc. (NYSE: CHS) is having its 2010/11 EPS estimates lowered to $0.64 from $0.72 and $0.80 from $0.92, respectively. JP Morgan preserves a modest outlook for Chico's again for the softening retail trends, and high-end expectations by Chico's for a $1.00 EPS in 2011. Share repurchase is expected given the large sell-off recently and strong balance sheet.Bebe Stores, Inc. (NASDAQ: BEBE) for 2010/11, EPS estimates are expecting a loss of $0.07 from $0.06 and $0.00 from $0.11, according to JP Morgan. Bebe has a very strong balance sheet (around $250M) but has been struggling to find a way to develop a merchandising strategy for the core chain while trying to fix Bebe Sport and its outlets. The company has its work cut out for it, especially with trying to win back its core customers.Coldwater Creek, Inc. (NASDAQ: CWTR) is having its 2010/11 EPS estimates lowered to $0.03 from $0.07 and $0.12 from $0.18, respectively. According to JP Morgan, inventory levels are up 30% at the end of 1Q and sales momentum has slowed, resulting in JPM taking a conservative outlook for Coldwater's 2011 earnings.