Consumers are cutting back on spending amid the recession, and focusing on finding bargains. The company, which operates of namesake stores as well as abercrombie, its children's apparel brand; surf-themed Hollister; and intimate apparel store Gilly Hicks, said Friday it is lowering prices and trying to catch up with fashion trends. It reported a fiscal second-quarter loss for the period ending Aug. 1 and its third-straight quarter of double-digit sales declines.
Lakner said the company has its work cut out domestically, since it must close underperforming stores and improve productivity in ones that stay hollister clothing open. She said it must do this while it expands overseas. The company is closing the Ruehl line, its store focused on handbags and other accessories, and cutting jobs.
UBS analyst Roxanne Meyer said the U.S. store base is "mature" and likely to see "meaningful" store closures/reloations. The Ruehl No.925 and its children's' apparel brand are likely to see store closings, she wrote, which "could help make the brands feel less mass/more unique."
She told clients in a note Monday the key driver is to have better sales at full price, but that is not yet being seen in the sales.
Meyer cut her fiscal 2009 earnings per share estimate to 74 cents from 85 cents, while Lakner cut hers from 79 cents to 73 cents. Meyer maintained her fiscal 2010 earnings per share estimate at $1.51, while Lakner cut hers by 2 cents to $1.40.
Analysts predict the company will earn 84 cents per share in fiscal 2009 and $1.51 in fiscal 2010.
In midday trading, the Dow fell 159.46, or 1.7 percent, to 9,160.88. Meanwhile, the Standard & Poor's 500 index and the Nasdaq composite index each dropped more than 2 percent.
Copyright 2009 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
2009年10月18日星期日
2009年10月14日星期三
Victory for Abercrombie & Fitch shop worker
An abercrombie shop worker with a prosthetic arm has won her case for wrongful dismissal against the retailer.
Riam Dean claimed she was taken off the shop floor of the American retailer’s London flagship store on Savile Row because she did not fit with the company’s “Look Policy”.
A central London tribunal has ruled she was wrongfully hollister clothing dismissed and unlawfully harassed, but did not uphold her claim for disability discrimination.
According to reports, the tribunal awarded Dean ￡7,800 compensation for injury to her feelings and ￡1,077.37 for loss of earnings and ￡136.75 damages for her wrongful dismissal.
Dean is believed to have befriended disabled abercrombie outlet model Sophie Morgan and the pair have launched Imperfect, a clothing range and campaign group.
Riam Dean claimed she was taken off the shop floor of the American retailer’s London flagship store on Savile Row because she did not fit with the company’s “Look Policy”.
A central London tribunal has ruled she was wrongfully hollister clothing dismissed and unlawfully harassed, but did not uphold her claim for disability discrimination.
According to reports, the tribunal awarded Dean ￡7,800 compensation for injury to her feelings and ￡1,077.37 for loss of earnings and ￡136.75 damages for her wrongful dismissal.
Dean is believed to have befriended disabled abercrombie outlet model Sophie Morgan and the pair have launched Imperfect, a clothing range and campaign group.
2009年10月13日星期二
Abercrombie & Fitch is an AMAZING store
Abercrombie & Fitch has reported weak same-store sales over abercrombie and fitch the past year as it has stuck to relatively high
price points amid the recession. Black said it should see its same-store sales improve, although he still
predicts a 23 percent drop, as shoppers pick up back-to-school items.
Results should be helped by improved results at the hollister chain's surf-themed Hollister offshoot, Black said.
Longer term, Black said he expects Abercrombie should begin to get more revenue from international flagship
stores beginning in the fourth quarter. Also, lower cost-of-goods in 2010 should help the company lower opening
price points, Black said. He upgraded the stock to "overweight" abercrombie outlet from "equal weight."
He also upgraded Gap to "overweight" from "equal weight," based on merchandise improvement and likely
improvement at its Old Navy stores by the December holiday season.
price points amid the recession. Black said it should see its same-store sales improve, although he still
predicts a 23 percent drop, as shoppers pick up back-to-school items.
Results should be helped by improved results at the hollister chain's surf-themed Hollister offshoot, Black said.
Longer term, Black said he expects Abercrombie should begin to get more revenue from international flagship
stores beginning in the fourth quarter. Also, lower cost-of-goods in 2010 should help the company lower opening
price points, Black said. He upgraded the stock to "overweight" abercrombie outlet from "equal weight."
He also upgraded Gap to "overweight" from "equal weight," based on merchandise improvement and likely
improvement at its Old Navy stores by the December holiday season.
2009年9月28日星期一
Friday The 13th (2009)
The exhumation of old-school horror classics abercrombie and fitch continues, courtesy of chief grave robber Marcus Nispel, who already gave Tobe Hooper's Texas Chain Saw Massacre a glossy lick of paint, and now turns his attention to Sean S. Cunningham's Friday The 13th. Sadly, while Chain Saw '03 was a competent retread that didn't dishonour the grittier original, Friday '09 is a disappointing husk that fails to engender any abercrombie and fitch reaction beyond escalating tedium.
Cards on the table, I've never been a huge fan of this sub-genre -- mainly because seeing raucous, horny teens get eviscerated by abercrombie and fitch a masked man-child is a primal, raw, shocking notion that you quickly become desensitized to on-screen. Friday The 13th alone has 9 sequels, so it's difficult to watch any of these movies without noticing the formula that underpins them, the reheated ideas that inform them, and the clichés they clutch to like limpets. Whatever brief moments of psychological terror they stir up is often flushed away for the sake of a grizzly set-piece. Truth is, it's the abercrombie and fitch UK where this genre has found evolution in the '00s, through the likes of Neil Marshall's The Descent and Eden Lake; two movies that, while clearly abercrombie and fitch inspired by their American forbearers, found new avenues to explore and provided social commentary in a fresher way.
Cards on the table, I've never been a huge fan of this sub-genre -- mainly because seeing raucous, horny teens get eviscerated by abercrombie and fitch a masked man-child is a primal, raw, shocking notion that you quickly become desensitized to on-screen. Friday The 13th alone has 9 sequels, so it's difficult to watch any of these movies without noticing the formula that underpins them, the reheated ideas that inform them, and the clichés they clutch to like limpets. Whatever brief moments of psychological terror they stir up is often flushed away for the sake of a grizzly set-piece. Truth is, it's the abercrombie and fitch UK where this genre has found evolution in the '00s, through the likes of Neil Marshall's The Descent and Eden Lake; two movies that, while clearly abercrombie and fitch inspired by their American forbearers, found new avenues to explore and provided social commentary in a fresher way.
2009年9月27日星期日
Abercrombie & Fitch July Same-store Sales
(RTTNews) – Apparel retailer abercrombie and fitch. (ANF: News ) said Thursday that its same-store sales fell 28% in July, as consumers continued to reign in spending amid the recession.
Net sales for the four-week period ended August 1, 2009 fell 22% to $236.0 million from $303.1 million for the four-week period ended August 2, 2008.
Total company direct-to-consumer net sales for the month decreased 11% to $16.2 million.
For July, abercrombie and fitch same-store sales declined 25%, while abercrombie and fitch same-store sales fell 27% and Hollister Co. same-store sales dropped 32%. RUEHL same-tore sales dipped 28%.
For the quarter-to-date period, same-store sales fell 30% and net sales decreased 23% to $648.5 million. Analysts polled by Thomson Reuters expected the company to post revenue of $647.98 million for the second quarter. Year-to-date same-store sales fell 30% and net sales decreased 23% to $1.26 billion.
At the end of the quarter, the company operated 350 Abercrombie & Fitch stores, 210 abercrombie stores, 510 Hollister Co. stores, 29 RUEHL stores and 16 Gilly Hicks stores in the United States. The company also operated 3 abercrombie and fitch stores, 3 abercrombie stores and 5 Hollister Co. stores in Canada, and 1 abercrombie and fitch and 5 Hollister Co. stores in the United Kingdom.
U.S. retailers reported their eleventh straight monthly sales decline in July. Retailer gave several reasons for weak sales, including rising unemployment, cooler weather and a lack of tax-free holidays.
American Eagle Outfitters Inc. (AEO) said Thursday that its same-store sales fell 11% in July, while its net sales for the month declined 8% to $215.0 million.
Gap Inc. (GPS) on Thursday reported an 8% drop in same-store sales and 7% decline in net sales for the month of July. The company also provided earnings outlook for the second quarter above analysts’ consensus estimate.
Abercrombie and Fitch shares are currently trading at $30.85, up 84 cents or 2.80%. The shares are trading in a 52-week range of $13.66 to $56.42.
Net sales for the four-week period ended August 1, 2009 fell 22% to $236.0 million from $303.1 million for the four-week period ended August 2, 2008.
Total company direct-to-consumer net sales for the month decreased 11% to $16.2 million.
For July, abercrombie and fitch same-store sales declined 25%, while abercrombie and fitch same-store sales fell 27% and Hollister Co. same-store sales dropped 32%. RUEHL same-tore sales dipped 28%.
For the quarter-to-date period, same-store sales fell 30% and net sales decreased 23% to $648.5 million. Analysts polled by Thomson Reuters expected the company to post revenue of $647.98 million for the second quarter. Year-to-date same-store sales fell 30% and net sales decreased 23% to $1.26 billion.
At the end of the quarter, the company operated 350 Abercrombie & Fitch stores, 210 abercrombie stores, 510 Hollister Co. stores, 29 RUEHL stores and 16 Gilly Hicks stores in the United States. The company also operated 3 abercrombie and fitch stores, 3 abercrombie stores and 5 Hollister Co. stores in Canada, and 1 abercrombie and fitch and 5 Hollister Co. stores in the United Kingdom.
U.S. retailers reported their eleventh straight monthly sales decline in July. Retailer gave several reasons for weak sales, including rising unemployment, cooler weather and a lack of tax-free holidays.
American Eagle Outfitters Inc. (AEO) said Thursday that its same-store sales fell 11% in July, while its net sales for the month declined 8% to $215.0 million.
Gap Inc. (GPS) on Thursday reported an 8% drop in same-store sales and 7% decline in net sales for the month of July. The company also provided earnings outlook for the second quarter above analysts’ consensus estimate.
Abercrombie and Fitch shares are currently trading at $30.85, up 84 cents or 2.80%. The shares are trading in a 52-week range of $13.66 to $56.42.
2009年9月25日星期五
Abercrombie & Fitch, Pentair, Array
abercrombie and fitch is likely to continue to see a weakening in its sales at stores open at least a year, Citi Investment Research analyst Kimberly Greenberger said on Sept. 4 as she downgraded the apparel retailer.
"We believe that abercrombie and fitch will continue to experience deteriorating same-store sales due to problems beyond pricing and newness as abercrombie and fitch proactive promotional stance during back-to-school shopping season is not supporting improved sales productivity," Greenberger wrote in a client note.
The analyst anticipates that the sales misses will probably lead the New Albany, Ohio-based company to continue to lower its earnings abercrombie and fitch per share forecasts. Greenberger also cut her share price target to $24 from $33.
Pentair (PNR)
KeyBanc maintains hold
Cost control and opportunities for growth will help Pentair weather the recession and boost revenue and earnings when markets improve, KeyBanc analyst Jeffrey D. Hammond said Sept. 4 as he raised his 2009 and 2010 profit estimates for the manufacturer of water treatment and storage systems.
Following a recent analysts' day presentation, Hammond said demand in the Minneapolis-based company's technical products business will likely remain challenged next year. But management's progress on cost containment will drive up earnings, he said. He increased his 2009 estimate to $1.43 per share from $1.40 per abercrombie and fitch share and raised his 2010 estimate to $1.80 per share from $1.70 per share.
Near-term demand has not risen, but Pentair's vertical market focus and new product launches "could support a more robust growth profile in the next cycle," Hammond said in a note to investors.
Array Biopharma (ARRY)
Leerink Swann downgrades o market perform from outperform
Leerink Swann analyst Howard Liang said on Sept. 4 he views data from Phase II trial of the company's ARRY-162 for rheumatoid arthritis (RA) as poor. With data from the trial out of the way and without its potential to generate a large upside, Liang does not see another compound in Array's remaining pipeline to generate excitement in the near term.
Liang notes Array does have a broad product pipeline but in the new funding environment, its breadth may be difficult to sustain. He said Array's valuation is not compelling to him. The analyst cut his $6 price target to $2 by removing revenues from ARRY-162 from his model.
"We believe that abercrombie and fitch will continue to experience deteriorating same-store sales due to problems beyond pricing and newness as abercrombie and fitch proactive promotional stance during back-to-school shopping season is not supporting improved sales productivity," Greenberger wrote in a client note.
The analyst anticipates that the sales misses will probably lead the New Albany, Ohio-based company to continue to lower its earnings abercrombie and fitch per share forecasts. Greenberger also cut her share price target to $24 from $33.
Pentair (PNR)
KeyBanc maintains hold
Cost control and opportunities for growth will help Pentair weather the recession and boost revenue and earnings when markets improve, KeyBanc analyst Jeffrey D. Hammond said Sept. 4 as he raised his 2009 and 2010 profit estimates for the manufacturer of water treatment and storage systems.
Following a recent analysts' day presentation, Hammond said demand in the Minneapolis-based company's technical products business will likely remain challenged next year. But management's progress on cost containment will drive up earnings, he said. He increased his 2009 estimate to $1.43 per share from $1.40 per abercrombie and fitch share and raised his 2010 estimate to $1.80 per share from $1.70 per share.
Near-term demand has not risen, but Pentair's vertical market focus and new product launches "could support a more robust growth profile in the next cycle," Hammond said in a note to investors.
Array Biopharma (ARRY)
Leerink Swann downgrades o market perform from outperform
Leerink Swann analyst Howard Liang said on Sept. 4 he views data from Phase II trial of the company's ARRY-162 for rheumatoid arthritis (RA) as poor. With data from the trial out of the way and without its potential to generate a large upside, Liang does not see another compound in Array's remaining pipeline to generate excitement in the near term.
Liang notes Array does have a broad product pipeline but in the new funding environment, its breadth may be difficult to sustain. He said Array's valuation is not compelling to him. The analyst cut his $6 price target to $2 by removing revenues from ARRY-162 from his model.
2009年9月24日星期四
High Executive Pay Not Out of Style at Abercrombie & Fitch
It pays well to work at abercrombie and fitch (ANF), especially if you’re CEO Mike Jefferies. According to a report recently cited by The Deal, Jefferies received $71.8 million in total compensation in 2008—making him the 10th highest paid CEO in the U.S. My initial reaction to the report was to check the company’s recently filed DEF 14A to determine whether this large sum was correct.
A cursory review of the document would be very misleading. On page 40, under “Fiscal 2008 Summary Compensation Table,” the data table abercrombie and fitch provided states that Jefferies was paid a total of $26.2 million, $11.5 million, and $15.9 million in FY 2006-08. The 2008 breakdown follows:1 Includes a $6 million “stay bonus” for remaining employed by the Company in the capacity of Chairman and CEO through December 31, 2008.
2 Includes $1.1 million in aggregate incremental abercrombie and fitch cost for personal use of Company-owned aircraft.
After glancing at the table, one would assume that Jefferies was “only” paid about $16 million in 2008. By digging a little further into the filing, one would learn that Jefferies had recently signed a new employment agreement with the company on December 19, 2008. Under this agreement, Jefferies was awarded 4 million stock appreciation rights (SARs), 40% of which (1.6 million) were awarded on the signing date with exercise prices ranging from $22.84 to $41.11. Assuming the options are exercised at their respective abercrombie and fitch prices, they would be worth about $45.68 million.
Is Mike Jefferies worth $71.8 million? That’s a very difficult question to answer and I will leave it up to the reader to decide. I would like to point out that Jefferies has an outstanding track record of creating shareholder value at abercrombie and fitch. Jefferies has been with the company since it was bought out of bankruptcy by The Limited in 1988. Over that time period, he has created one of the most enviable brands in the specialty retail space and the company has averaged after-tax returns on invested capital in excess of 30%.
A cursory review of the document would be very misleading. On page 40, under “Fiscal 2008 Summary Compensation Table,” the data table abercrombie and fitch provided states that Jefferies was paid a total of $26.2 million, $11.5 million, and $15.9 million in FY 2006-08. The 2008 breakdown follows:1 Includes a $6 million “stay bonus” for remaining employed by the Company in the capacity of Chairman and CEO through December 31, 2008.
2 Includes $1.1 million in aggregate incremental abercrombie and fitch cost for personal use of Company-owned aircraft.
After glancing at the table, one would assume that Jefferies was “only” paid about $16 million in 2008. By digging a little further into the filing, one would learn that Jefferies had recently signed a new employment agreement with the company on December 19, 2008. Under this agreement, Jefferies was awarded 4 million stock appreciation rights (SARs), 40% of which (1.6 million) were awarded on the signing date with exercise prices ranging from $22.84 to $41.11. Assuming the options are exercised at their respective abercrombie and fitch prices, they would be worth about $45.68 million.
Is Mike Jefferies worth $71.8 million? That’s a very difficult question to answer and I will leave it up to the reader to decide. I would like to point out that Jefferies has an outstanding track record of creating shareholder value at abercrombie and fitch. Jefferies has been with the company since it was bought out of bankruptcy by The Limited in 1988. Over that time period, he has created one of the most enviable brands in the specialty retail space and the company has averaged after-tax returns on invested capital in excess of 30%.
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