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Non-Tech : True Religion Apparel Inc

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To: caly who wrote (145)5/20/2005 10:49:40 AM
From: caly  Read Replies (2) of 189
 
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Market Pulse: Prudential downgrades retailers on denim glut fears
Friday May 20, 5:39 am ET
By Steve Goldstein

LONDON (MarketWatch) -- Prudential Equity Group downgraded American Eagle Outfitters , Abercrombie & Fitch Co. and Pacific Sunwear of California -- all to underweight -- and reiterated an underweight call on Aeropostale on concerns that a denim glut will hit the back-to-school market. "We learned from our sources that Abercrombie & Fitch has been trying to cancel denim orders with their vendors," it added. The company confirmed to Prudential that it "looked to have some deliveries pushed off to future periods." Prudential said Abercrombie denim inventories may be more than twice historical levels, and said it is concerned about denim inventory levels for the industry as a whole
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