Abercrombie and Fitch Message Board

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Non-Tech : Abercrombie and Fitch

ANF 71.58

+2.1%

Nov 7 9:30 AM EST

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To: Susan Saline who wrote (280)	2/16/2000 6:44:00 PM
From: Adam Nash	Read Replies (2) of 335

The problem is not ANF current earnings. The problems are: 1) No real solid explanation for low same store sales growth. During the last quarter, SSS dropped to 10%, and management said that they expected SSS in the 5-6% range, and that they would warn if that wasn't on track. They didn't warn and it wasn't on track. 2) Management credibility is shot. If you believe the company will continue to do well financially, then this is not such a big deal. However, there is every indication that if things were not going well, the shareholder would be the last to know. Still debating whether to take the loss now or wait. There is an argument to be made for taking the tax loss now, and waiting a month or two to buy back. Alternatively, you could buy GPS or AEOS to keep your exposure to the market, and get better management to boot. I was long at 38 and 26 on the fundamentals, but suddenly gun shy at 15... I really thought they would post better than expected numbers this quarter (~.80, 10% SSS)

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