(https://www.cnbc.com/2026/08/11/barclays-says-stay-away-from-gap-shares-heres-why.html) and headlines treat it like a valuation call. Wrong frame. The accrual signal is uglier: when retailers start bleeding cash while same-store sales hold, inventory is rotting. Gap's data shows it—working capital is a swing indicator nobody tracks until the writedown hits. WMT's net margin and NKE's net margin tell you the squeeze is real across the sector.

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