In a published note, Piper Jaffray notes Abercrombie & Fitch Co. ANF and American Eagle Outfitters AEO as doing brisk Black Friday business as teens are seen leading the shopping charge with 500-1000-strong lines.
Piper Jaffray comments, “We continue to favor ANF & AEO as our holiday trading ideas. We believe both were more promotional this year vs. last year. AE is running 40% Off Entire Store for 4 days this year vs. a 20% off entire store for what we estimate was 7 hours last year. ANF brands started promoting online this year at 40% Entire Online Purchase on 11/24 (we believe incremental to LY) and then on Black Friday started with 50% Off Entire Store until 9 AM followed by a 40% Off Entire Store.”
ANF closed at $44.88 and AEO at $12.93 on Wednesday.
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