Citi Reports New Range Of Comps On Abercrombie & Fitch

According to Citi, Abercrombie & Fitch

management appears to be more bullish on sales trends, with color in the 10K that it is “targeting” FY2011 and FY2012 comps at “the same level or greater” than 2010's 7% comp. Citi reported that it's not out of character for the company to update guidance intra-quarter when it has the opportunity (ie at a conference or in a filing). “The recent update on 2Q11 margin trends appeared to be driven by pre-opening costs. The updated stance on sales today might be driven by better trends in March (February comps were up +MSD, according to the company). And we may see more frequent updates given the decision to stop reporting monthly comps.” Abercrombie & Fitch closed yesterday at $58.09.