Abercrombie & Fitch: A momentum play after Q3 release? - Steven Mallas

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Abercrombie & Fitch: A momentum play after Q3 release?
Nov 13, 2009 11:00 PM UTC

Steven Mallas

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Via BloggingStocks:

Filed under: Earnings reports, Aetna Inc (AET), Gap Inc (GPS), Kohl's Corp (KSS), Abercrombie and Fitch (ANF), American Eagle Outfitters (AEO)

Back in August, I discussed my amazement at Abercrombie & Fitch (ANF). The stock just didn't seem to be acting in a manner which reflected the fundamentals of the business it represents. Well, my bout of amazement continues, because shares of the retailer are up 9% as of this writing on the latest earnings report. One that didn't impress me.

For the third quarter, Abercrombie made, on a reported basis, 44 cents per diluted share compared to 72 cents per diluted share in the year-ago period. After adjustments, earnings came in at 30 cents per share. Okay, that profit drop is bad enough, but wait till I get to the really bad stuff. Which would be revenues. Total sales declined 15%, but same-store sales were even worse: they plunged off the proverbial cliff, falling 22%.

Continue reading Abercrombie & Fitch: A momentum play after Q3 release?

Abercrombie & Fitch: A momentum play after Q3 release? originally appeared on BloggingStocks on Fri, 13 Nov 2009 18:00:00 EST. Please see our terms for use of feeds.

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