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Strategies & Market Trends : Value Investing
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To: Bob Rudd who wrote (11593)12/15/2000 7:27:42 AM
From: David  Read Replies (1) of 79000
 
Re: ANF

Bob: I've been holding ANF since last February. The consistent increases in earnings and growth accomplished with clean debt free balance sheet is what attracts me.

Of big concern is the negative same store sales growth. ANF was hammered because of negative 8% comps for November. (AEOS had extremely good comps -- I think 10% or 15% increase).

For whatever reason the market perceives ANF's negative comps as extremely bad.

I view the AEOS valuation as encouraging. In the past ANF traded at the same multiples and traded within the last several weeks at nearly $32.00 per share (around 20 times earnings). Perhaps ANF will trade at a similar value to AEOS soon.

I loaded up the boat back in February, March and April and intend to hold on.

What do you make of the same store sales problem? It seems that decreased same store sales would eventually translate into lower margin sales and lower returns, although that hasn't happened to any noticeable extent despite nearly a year of weak and lower same store sales.
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