2009年10月18日星期日
CONTACT Abercrombie and Kent
Detailed day-by-day itineraries can be found at with new abercrombie and fitch trips added as new opportunities for adventure become available. But sometimes it’s the minute-by-minute challenges and triumphs experienced on an Extreme Adventure hollister that count. “Notes from the Field” delivers this with personal narratives written by travellers about their experiences. Last month, expedition member L. Craig abercrombie outlet Smith shared his vivid images and stories from Norway: On the Trail of the Polar Bear (March 21-30, 2009). As new challenges are met, compelling first-hand accounts will be updated on the website.
2009年10月14日星期三
Why Abercrombie & Kent?
When you find yourself at the ends of the earth, you want exceptional experience, knowledge, skills, support and reputation at your back. Bringing nearly a half-century’s experience of satisfying the world’s most discerning travellers, abercrombie and fitch has a heritage unmatched in the travel industry.
Successfully managing the risk inherent in adventure travel is only possible with the most capable and experienced guides in the world. abercrombie outlet guides are the best in their fields, sensitive to each traveller’s capabilities and ready to motivate in the most challenging conditions. A small group size – no more than 6-8 – ensures that the guides can focus on each individual, in addition to allowing the group to move quickly and limiting the impact on the environment.
abercrombie pioneering tented safaris were born from an insatiable desire to consistently deliver journeys that defy all expectations and with Extreme Adventures A&K comes full circle. The first Extreme Adventure set out in the fall 2008 with a trek 1,500 feet below sea level, following in the footsteps of Lawrence of Arabia through Jordan’s uninhabitable desert. 2009 began with a journey to one of the harshest environments in the world, the Arctic Circle, to track one of nature’s fiercest predators, the polar bear. But it was the allure of thin air – treks to Everest Base Camp and the newly-reopened Lemosho Route to summit Mount Kilimanjaro - that proved to be the most requested.
Successfully managing the risk inherent in adventure travel is only possible with the most capable and experienced guides in the world. abercrombie outlet guides are the best in their fields, sensitive to each traveller’s capabilities and ready to motivate in the most challenging conditions. A small group size – no more than 6-8 – ensures that the guides can focus on each individual, in addition to allowing the group to move quickly and limiting the impact on the environment.
abercrombie pioneering tented safaris were born from an insatiable desire to consistently deliver journeys that defy all expectations and with Extreme Adventures A&K comes full circle. The first Extreme Adventure set out in the fall 2008 with a trek 1,500 feet below sea level, following in the footsteps of Lawrence of Arabia through Jordan’s uninhabitable desert. 2009 began with a journey to one of the harshest environments in the world, the Arctic Circle, to track one of nature’s fiercest predators, the polar bear. But it was the allure of thin air – treks to Everest Base Camp and the newly-reopened Lemosho Route to summit Mount Kilimanjaro - that proved to be the most requested.
2009年10月13日星期二
Abercrombie & Fitch charged with discrimination
BLOOMINGTON, Minn.- hollister was fined $115,264 for refusing to let a teenager help her autistic sister try on clothes at its Mall of America. The store was found on the charge of discriminating against a disabled person.
The Minnesota Department of Human Rights was satisfied that the Apple Valley family of the disabled teen received settlement after the four years of fighting this case.
The fine was considered a hefty penalty but the Department abercrombie and fitch of Human Rights was pleased to finally resolve this case after the retail store refused to apologize for the incident and even questioned the disability of the girl.
Michael K. Browne, the department’s hollister legal affairs manager, said the size of the penalty is the largest in at least two years. “We don’t want anything that happened in this case to repeat itself,” Browne said.
The Minnesota Department of Human Rights was satisfied that the Apple Valley family of the disabled teen received settlement after the four years of fighting this case.
The fine was considered a hefty penalty but the Department abercrombie and fitch of Human Rights was pleased to finally resolve this case after the retail store refused to apologize for the incident and even questioned the disability of the girl.
Michael K. Browne, the department’s hollister legal affairs manager, said the size of the penalty is the largest in at least two years. “We don’t want anything that happened in this case to repeat itself,” Browne said.
2009年9月28日星期一
Another Reason to Hate Abercrombie and Fitch
Tuesday was the birthday of Ernest Hemingway. He is one of my favorite writers, along with Nathaniel West and Salinger. I borrowed this from The Writer's Almanac because I found the information about The Moveable Feast abercrombie and fitch to be fascinating and previously unknown to me.
It's the birthday of Ernest Hemingway, (books by this author) born in Oak Park, Illinois (1899), the Nobel- and Pulitzer Prize-winning author of such books as The Sun Also Rises (1926), A Farewell to Arms (1929), and The Old Man and the Sea (1952).
Both U.S. presidential candidates of 2008 cited abercrombie and fitch Hemingway's For Whom the Bell Tolls (1940) as one of their favorite books. It's about an American teacher, Robert Jordan, who volunteers to abercrombie and fitch go fight in the Spanish Civil War against Franco's Fascists. Robert Jordan is wounded in battle and contemplates shooting himself with his submachine gun to end the intense pain, but when the enemy comes into sight, Jordan does his duty and delays the approaching Fascist soldiers so that his own comrades can escape to safety. And then he dies.
John McCain wrote a book in 2002 called Worth Fighting For, a phrase taken from Robert Jordan's dying monologue. McCain writes abercrombie and fitch about how the character of Robert Jordan has always been dear to him, from boyhood through the time he was a prisoner of war in Vietnam. McCain said about Hemingway's fictional character: "I knew that if he were in the cell next to mine, he would be stoic, he would be strong, he would be tough, he wouldn't give up. And Robert would expect me to abercrombie and fitch do the same thing." During the campaign, Obama told Rolling Stone magazine that For Whom the Bell Tolls was "one of the three books that most inspired him."
It's the birthday of Ernest Hemingway, (books by this author) born in Oak Park, Illinois (1899), the Nobel- and Pulitzer Prize-winning author of such books as The Sun Also Rises (1926), A Farewell to Arms (1929), and The Old Man and the Sea (1952).
Both U.S. presidential candidates of 2008 cited abercrombie and fitch Hemingway's For Whom the Bell Tolls (1940) as one of their favorite books. It's about an American teacher, Robert Jordan, who volunteers to abercrombie and fitch go fight in the Spanish Civil War against Franco's Fascists. Robert Jordan is wounded in battle and contemplates shooting himself with his submachine gun to end the intense pain, but when the enemy comes into sight, Jordan does his duty and delays the approaching Fascist soldiers so that his own comrades can escape to safety. And then he dies.
John McCain wrote a book in 2002 called Worth Fighting For, a phrase taken from Robert Jordan's dying monologue. McCain writes abercrombie and fitch about how the character of Robert Jordan has always been dear to him, from boyhood through the time he was a prisoner of war in Vietnam. McCain said about Hemingway's fictional character: "I knew that if he were in the cell next to mine, he would be stoic, he would be strong, he would be tough, he wouldn't give up. And Robert would expect me to abercrombie and fitch do the same thing." During the campaign, Obama told Rolling Stone magazine that For Whom the Bell Tolls was "one of the three books that most inspired him."
2009年9月27日星期日
Abercrombie & Fitch – Cautious, but closer to the upturn
Like all premium consumer products, abercrombie and fitch (ANF) sales hit a brick wall in the wake of the GFC. After delivering years of stable profitability, the company’s result for the full year to December registered a dramatic downturn. This only got worse in the opening quarter of 2009, with an uncharacteristic quarterly loss blotting abercrombie and fitch copybook.
As we discussed in our initial review though (see FAT169 for details), A&F is a well-managed business with a healthy balance sheet and strong brands that will underpin future growth as the recovery gains traction. The company’s current period of weakness boils down to an inevitable outcome from a cyclical downturn, rather than a fundamental change in trend.
In terms of the latest second-quarter result, abercrombie and fitch same store sales fell 30% through the three months to August 1 2009, in comparison to the same period last year. Total store sales contracted by 23%, from $845.8 million to $648.5 million.
While the gross profit margin remains a healthy 66.5% for the period, margins deteriorated rapidly through to the bottom line. Management’s cost-saving initiatives have reduced a number of variable costs, primarily in the area of staffing. However, these cuts have not proved sufficient to offset the debilitating impact of declining sales in the face of higher rent and depreciation expenses.
The company also suffered considerably from the impact of non-operating costs, with the exit of the Ruehl business incurring $23 million of lease termination fees. This served to hammer abercrombie and fitch bottom line earnings to a loss of $26.7 million. Management expects the Ruehl closure to generate total costs of $65 million, with the remaining $42 million hitting the earnings through the second half.
As Members may recall, the decision to launch the high-end Ruehl brand represents a lone blemish on CEO Mike Jefferies otherwise untarnished record. abercrombie and fitch launched Ruehl in 2004, aiming to capture the aspirational New York City lifestyle for females. Perhaps a better name would have been “Sex and the City Accessories”. Either way, the brand failed to gain traction and the GFC subsequently snuffed out any near term chance of success. Management announced the closure of the 29 loss-making stores in June 2009.
Despite the setback from Ruehl, the company overall is expanding, with an expected nine stores opening within the US through the course of 2009. This includes two Abercrombie, four Hollister, one Gilly Hicks, and two outlet stores.
In terms of management’s international growth strategy, the opening of the flagship Milan stores is on track for October, and December in Tokyo. The company also has a growing presence in Europe, with seven Hollister mall-based stores in the UK, one in Germany, and another in Rome.
Encouragingly, the international stores are proving successful through the same basic model as their domestic counterparts. There is no difference in terms of the retail experience between London for example and New York. This highlights the intrinsic value of the Abercrombie brands. Moreover, the international expansion strategy is easier and therefore less risky, given that there is no significant need for a different approach to individual markets.
To access more complimentary research reports from Fat Prophets click here.
As we discussed in our initial review though (see FAT169 for details), A&F is a well-managed business with a healthy balance sheet and strong brands that will underpin future growth as the recovery gains traction. The company’s current period of weakness boils down to an inevitable outcome from a cyclical downturn, rather than a fundamental change in trend.
In terms of the latest second-quarter result, abercrombie and fitch same store sales fell 30% through the three months to August 1 2009, in comparison to the same period last year. Total store sales contracted by 23%, from $845.8 million to $648.5 million.
While the gross profit margin remains a healthy 66.5% for the period, margins deteriorated rapidly through to the bottom line. Management’s cost-saving initiatives have reduced a number of variable costs, primarily in the area of staffing. However, these cuts have not proved sufficient to offset the debilitating impact of declining sales in the face of higher rent and depreciation expenses.
The company also suffered considerably from the impact of non-operating costs, with the exit of the Ruehl business incurring $23 million of lease termination fees. This served to hammer abercrombie and fitch bottom line earnings to a loss of $26.7 million. Management expects the Ruehl closure to generate total costs of $65 million, with the remaining $42 million hitting the earnings through the second half.
As Members may recall, the decision to launch the high-end Ruehl brand represents a lone blemish on CEO Mike Jefferies otherwise untarnished record. abercrombie and fitch launched Ruehl in 2004, aiming to capture the aspirational New York City lifestyle for females. Perhaps a better name would have been “Sex and the City Accessories”. Either way, the brand failed to gain traction and the GFC subsequently snuffed out any near term chance of success. Management announced the closure of the 29 loss-making stores in June 2009.
Despite the setback from Ruehl, the company overall is expanding, with an expected nine stores opening within the US through the course of 2009. This includes two Abercrombie, four Hollister, one Gilly Hicks, and two outlet stores.
In terms of management’s international growth strategy, the opening of the flagship Milan stores is on track for October, and December in Tokyo. The company also has a growing presence in Europe, with seven Hollister mall-based stores in the UK, one in Germany, and another in Rome.
Encouragingly, the international stores are proving successful through the same basic model as their domestic counterparts. There is no difference in terms of the retail experience between London for example and New York. This highlights the intrinsic value of the Abercrombie brands. Moreover, the international expansion strategy is easier and therefore less risky, given that there is no significant need for a different approach to individual markets.
To access more complimentary research reports from Fat Prophets click here.
2009年9月25日星期五
High Executive Pay Not Out of Style at Abercrombie & Fitch
It pays well to work at abercrombie and fitch (ANF), especially if you’re CEO Mike Jefferies. According to a report recently cited by The Deal, Jefferies received $71.8 million in total compensation in 2008—making him the 10th highest paid CEO in the U.S. My initial reaction to the report was to check the company’s recently filed DEF abercrombie and fitch 14A to determine whether this large sum was correct.
A cursory review of the document would be very misleading. On page 40, under “Fiscal 2008 Summary Compensation Table,” the data table provided states that Jefferies was paid a total of $26.2 million, $11.5 million, and $15.9 million in FY 2006-08. The 2008 breakdown follows:1 Includes a $6 million “stay bonus” for remaining abercrombie and fitch employed by the Company in the capacity of Chairman and CEO through December 31, 2008.
2 Includes $1.1 million in aggregate incremental cost for personal use of Company-owned aircraft.
After glancing at the table, one would assume that Jefferies was “only” paid about $16 million in 2008. By digging a little further into the filing, one would learn that Jefferies had recently signed a new employment agreement with the company on December 19, 2008. Under this agreement, Jefferies was awarded 4 million stock appreciation rights (SARs), 40% of which (1.6 million) were awarded on the signing date with exercise abercrombie and fitch prices ranging from $22.84 to $41.11. Assuming the options are exercised at their respective prices, they would be worth about $45.68 million.
Is Mike Jefferies worth $71.8 million? That’s a very difficult question to answer and I will leave it up to the reader to decide. I would like to point out that Jefferies has an outstanding track record of creating shareholder value at abercrombie and fitch. Jefferies has been with the company since it was bought out of bankruptcy by The Limited in 1988. Over that time period, he has created one of the most enviable brands in the specialty retail space and the company has averaged after-tax returns on invested capital in excess of 30%.
A cursory review of the document would be very misleading. On page 40, under “Fiscal 2008 Summary Compensation Table,” the data table provided states that Jefferies was paid a total of $26.2 million, $11.5 million, and $15.9 million in FY 2006-08. The 2008 breakdown follows:1 Includes a $6 million “stay bonus” for remaining abercrombie and fitch employed by the Company in the capacity of Chairman and CEO through December 31, 2008.
2 Includes $1.1 million in aggregate incremental cost for personal use of Company-owned aircraft.
After glancing at the table, one would assume that Jefferies was “only” paid about $16 million in 2008. By digging a little further into the filing, one would learn that Jefferies had recently signed a new employment agreement with the company on December 19, 2008. Under this agreement, Jefferies was awarded 4 million stock appreciation rights (SARs), 40% of which (1.6 million) were awarded on the signing date with exercise abercrombie and fitch prices ranging from $22.84 to $41.11. Assuming the options are exercised at their respective prices, they would be worth about $45.68 million.
Is Mike Jefferies worth $71.8 million? That’s a very difficult question to answer and I will leave it up to the reader to decide. I would like to point out that Jefferies has an outstanding track record of creating shareholder value at abercrombie and fitch. Jefferies has been with the company since it was bought out of bankruptcy by The Limited in 1988. Over that time period, he has created one of the most enviable brands in the specialty retail space and the company has averaged after-tax returns on invested capital in excess of 30%.
2009年9月24日星期四
Abercrombie & Fitch, Pentair, Array
abercrombie and fitch is likely to continue to see a weakening in its sales at stores open at least a year, Citi Investment Research analyst Kimberly Greenberger said on Sept. 4 as she downgraded the apparel retailer.
"We believe that abercrombie and fitch will continue to experience deteriorating same-store sales due to problems beyond pricing and newness as abercrombie and fitch proactive promotional stance during back-to-school shopping season is not supporting improved sales productivity," Greenberger wrote in a client note.
The analyst anticipates that the sales misses will probably lead the New Albany, Ohio-based company to continue to lower its earnings per share forecasts. Greenberger also cut her share price target to $24 from $33.
Pentair (PNR)
KeyBanc maintains hold
Cost control and opportunities for abercrombie and fitch growth will help Pentair weather the recession and boost revenue and earnings when markets improve, KeyBanc analyst Jeffrey D. Hammond said Sept. 4 as he raised his 2009 and 2010 profit estimates for the manufacturer of water treatment and storage systems.
Following a recent analysts' day presentation, Hammond said demand in the Minneapolis-based company's technical products business will likely remain challenged next year. But management's progress on cost containment will drive up earnings, he said. He increased his 2009 estimate to $1.43 per share from $1.40 per share and raised his 2010 estimate to $1.80 per share from $1.70 per share.
Near-term demand has not risen, but Pentair's abercrombie and fitch vertical market focus and new product launches "could support a more robust growth profile in the next cycle," Hammond said in a note to investors.
Array Biopharma (ARRY)
Leerink Swann downgrades o market perform from outperform
Leerink Swann analyst Howard Liang said on Sept. 4 he views data from Phase II trial of the company's ARRY-162 for rheumatoid arthritis (RA) as poor. With data from the trial out of the way and without its potential to generate a large upside, Liang does not see another compound in Array's remaining pipeline to generate excitement in the near term.
Liang notes Array does have a broad product pipeline but in the new funding environment, its breadth may be difficult to sustain. He said Array's valuation is not compelling to him. The analyst cut his $6 price target to $2 by removing revenues from ARRY-162 from his model.
"We believe that abercrombie and fitch will continue to experience deteriorating same-store sales due to problems beyond pricing and newness as abercrombie and fitch proactive promotional stance during back-to-school shopping season is not supporting improved sales productivity," Greenberger wrote in a client note.
The analyst anticipates that the sales misses will probably lead the New Albany, Ohio-based company to continue to lower its earnings per share forecasts. Greenberger also cut her share price target to $24 from $33.
Pentair (PNR)
KeyBanc maintains hold
Cost control and opportunities for abercrombie and fitch growth will help Pentair weather the recession and boost revenue and earnings when markets improve, KeyBanc analyst Jeffrey D. Hammond said Sept. 4 as he raised his 2009 and 2010 profit estimates for the manufacturer of water treatment and storage systems.
Following a recent analysts' day presentation, Hammond said demand in the Minneapolis-based company's technical products business will likely remain challenged next year. But management's progress on cost containment will drive up earnings, he said. He increased his 2009 estimate to $1.43 per share from $1.40 per share and raised his 2010 estimate to $1.80 per share from $1.70 per share.
Near-term demand has not risen, but Pentair's abercrombie and fitch vertical market focus and new product launches "could support a more robust growth profile in the next cycle," Hammond said in a note to investors.
Array Biopharma (ARRY)
Leerink Swann downgrades o market perform from outperform
Leerink Swann analyst Howard Liang said on Sept. 4 he views data from Phase II trial of the company's ARRY-162 for rheumatoid arthritis (RA) as poor. With data from the trial out of the way and without its potential to generate a large upside, Liang does not see another compound in Array's remaining pipeline to generate excitement in the near term.
Liang notes Array does have a broad product pipeline but in the new funding environment, its breadth may be difficult to sustain. He said Array's valuation is not compelling to him. The analyst cut his $6 price target to $2 by removing revenues from ARRY-162 from his model.
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