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."
2009年9月28日星期一
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.
2009年9月23日星期三
.Earnings Preview: Abercrombie & Fitch
Teen apparel retailer abercrombie and fitch. reports earnings for the fiscal second-quarter quarter on Friday. The following is a summary of key developments and analyst opinion related to the period.
OVERVIEW: abercrombie and fitch. has seen sinking sales amid the recession, as it kept its price points among the highest in the teen sector and waited for a rebound. Over the past few months it has planned more sales and offered lower entry-level prices, but sales are still expected to sink during the quarter ended Aug. 2. Meanwhile, competitors such as Aeropostale Inc. and American Eagle Outfitters Inc., with their emphasis on low prices and basics, have fared better.
Sales in stores open at least on year, or so-called same-store sales, fell 28 percent in July, 32 percent in June and 28 percent in May.
The company said it was shuttering its high-priced Ruehl line of handbags and apparel in a move expected to be complete in January 2010. New Albany, Ohio-based abercrombie and fitch also operates surf-themed Hollister, abercrombie and fitch , its store for children, and Gilly Hicks, an intimate apparel line.
BY THE NUMBERS: Analysts polled by Thomson Reuters, on average, predict a loss of 7 cents per share on revenue of $647.9 million. The company said, according to a preliminary tally, sales fell 23 percent to $648.5 during the quarter.
ANALYST TAKE: In a note to investors, RBC Capital Markets analyst Howard Tubin said in a client note Tuesday lowering price points and offering more "current-season" fashion in stores are encouraging acts, but he said it will take more of an effort for results to improve.
"We remain on the sidelines with respect to the shares until we see significant newness offered within the assortments across all concepts," wrote Tubin, who rates the company "Average Risk."
Stifel Nicolaus analyst Richard Jaffe wrote in a note to investors that he expects a loss of 3 cents per share, with weak women's apparel offerings and the recession holding back results.
"On a positive note we believe management has demonstrated better inventory management, which bodes well for the second half and abercrombie and fitch we believe that the markdown cadence will likely be more effective going forward (shallower markdowns taken throughout the quarter instead of deep clearance activity at the end of the quarter)," he wrote.
WHATS AHEAD: Analysts will be looking for any indication about how back-to-school sales are doing, an update on closing Ruehl stores and any indications about how the company is planning for the upcoming holiday season.
STOCK PERFORMANCE: Shares rose 13 percent during the three months ended Aug. 1.
Copyright 2009 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
OVERVIEW: abercrombie and fitch. has seen sinking sales amid the recession, as it kept its price points among the highest in the teen sector and waited for a rebound. Over the past few months it has planned more sales and offered lower entry-level prices, but sales are still expected to sink during the quarter ended Aug. 2. Meanwhile, competitors such as Aeropostale Inc. and American Eagle Outfitters Inc., with their emphasis on low prices and basics, have fared better.
Sales in stores open at least on year, or so-called same-store sales, fell 28 percent in July, 32 percent in June and 28 percent in May.
The company said it was shuttering its high-priced Ruehl line of handbags and apparel in a move expected to be complete in January 2010. New Albany, Ohio-based abercrombie and fitch also operates surf-themed Hollister, abercrombie and fitch , its store for children, and Gilly Hicks, an intimate apparel line.
BY THE NUMBERS: Analysts polled by Thomson Reuters, on average, predict a loss of 7 cents per share on revenue of $647.9 million. The company said, according to a preliminary tally, sales fell 23 percent to $648.5 during the quarter.
ANALYST TAKE: In a note to investors, RBC Capital Markets analyst Howard Tubin said in a client note Tuesday lowering price points and offering more "current-season" fashion in stores are encouraging acts, but he said it will take more of an effort for results to improve.
"We remain on the sidelines with respect to the shares until we see significant newness offered within the assortments across all concepts," wrote Tubin, who rates the company "Average Risk."
Stifel Nicolaus analyst Richard Jaffe wrote in a note to investors that he expects a loss of 3 cents per share, with weak women's apparel offerings and the recession holding back results.
"On a positive note we believe management has demonstrated better inventory management, which bodes well for the second half and abercrombie and fitch we believe that the markdown cadence will likely be more effective going forward (shallower markdowns taken throughout the quarter instead of deep clearance activity at the end of the quarter)," he wrote.
WHATS AHEAD: Analysts will be looking for any indication about how back-to-school sales are doing, an update on closing Ruehl stores and any indications about how the company is planning for the upcoming holiday season.
STOCK PERFORMANCE: Shares rose 13 percent during the three months ended Aug. 1.
Copyright 2009 Associated Press. All rights reserved. This material may not be published broadcast, rewritten, or redistributed
2009年9月22日星期二
MOA Abercrombie & Fitch discriminated against autistic teen, judge says
abercrombie and fitch seems to have some serious issues understanding and accommodating people with
disabilities. Just one of the retailer's many many downfalls in life.
The store located at the Mall of America in Minnesota abercrombie and fitch discriminated against a 14-year-old autistic female
customer in 2005, a judge said.
The clothing retailer was sued by the Minnesota Department of Human Rights over the incident with an Apple
Valley teen.
More from KAAL:
According to the human right's department's abercrombie and fitch summary of the case, store employees refused to let the
teenager's sister accompany her into a fitting room, even after she explained that the girl had special
needs.
The workers said the store policy was to allow only one person into a fitting room at a time in order to
reduce the risk of shoplifting.
he girls' mother asked for a copy of the policy abercrombie and fitch at the store and repeatedly contacted the retailers
corporate offices in search of more information. When she was denied information she filed a complaint with
the human rights department.
When the human rights department was unable to solve the conflict directly with AF, they sued.
The judge said the store discriminated against the teen by not making reasonable accommodations for her
disability. The judge also said the retailer officials were general assholes when approached about the
incident, didn't follow their own policies, and even denied the girl was disabled.
The retailer must pay more than $155,000, abercrombie and fitch including $25,000 to the teen. AF plans to appeal.
AF was also in the news recently when a former employee said she was forced to work in the backroom because
she had a prosthetic arm that didn't fit their image. The retailer was found to have broken employment law
and had to pay her of unlawful harassment.
disabilities. Just one of the retailer's many many downfalls in life.
The store located at the Mall of America in Minnesota abercrombie and fitch discriminated against a 14-year-old autistic female
customer in 2005, a judge said.
The clothing retailer was sued by the Minnesota Department of Human Rights over the incident with an Apple
Valley teen.
More from KAAL:
According to the human right's department's abercrombie and fitch summary of the case, store employees refused to let the
teenager's sister accompany her into a fitting room, even after she explained that the girl had special
needs.
The workers said the store policy was to allow only one person into a fitting room at a time in order to
reduce the risk of shoplifting.
he girls' mother asked for a copy of the policy abercrombie and fitch at the store and repeatedly contacted the retailers
corporate offices in search of more information. When she was denied information she filed a complaint with
the human rights department.
When the human rights department was unable to solve the conflict directly with AF, they sued.
The judge said the store discriminated against the teen by not making reasonable accommodations for her
disability. The judge also said the retailer officials were general assholes when approached about the
incident, didn't follow their own policies, and even denied the girl was disabled.
The retailer must pay more than $155,000, abercrombie and fitch including $25,000 to the teen. AF plans to appeal.
AF was also in the news recently when a former employee said she was forced to work in the backroom because
she had a prosthetic arm that didn't fit their image. The retailer was found to have broken employment law
and had to pay her of unlawful harassment.
2009年9月21日星期一
The cloister angry down a bigotry affirmation that Abercrombie had disputed
Today brought a bifold dosage of bad account for abercrombie and fitch. (ANF). On top of black balance for the additional quarter, the Associated Press letters that a London cloister has ordered the accouterment alternation to pay a disabled agent about $15,000 for afflicted animosity and blameworthy dismissal.
The cloister angry down a bigotry affirmation that abercrombie and fitch had disputed.
Riam Dean, a 22-year-old university student, had complained that her administration would not let her abrasion a sweater to awning her prosthetic arm and approved to about-face her off the boutique floor. Dean's clothing claimed that she was told she didn't fit in with the "look policy" at the chain's abundance on Savile Row in axial Londo abercrombie and fitch has run into agitation in the accomplished for putting appearance aboriginal if hiring. Five years ago, it acclimatized several application bigotry apparel in the U.S.
And the hits kept coming. This morning, abercrombie and fitch acquaint black second-quarter balance -- a net accident of $19.8 million, due to $24.4 actor in accuse from closing down the Ruehl chain.
The company's same-store sales down 30 percent, to $648.5 million, over the additional division of 2008. Sales at the abercrombie and fitch food were down 27 percent, and same-store sales at Hollister were down 31 percent. Back-to-school is axis into a dejected time.
The cloister angry down a bigotry affirmation that abercrombie and fitch had disputed.
Riam Dean, a 22-year-old university student, had complained that her administration would not let her abrasion a sweater to awning her prosthetic arm and approved to about-face her off the boutique floor. Dean's clothing claimed that she was told she didn't fit in with the "look policy" at the chain's abundance on Savile Row in axial Londo abercrombie and fitch has run into agitation in the accomplished for putting appearance aboriginal if hiring. Five years ago, it acclimatized several application bigotry apparel in the U.S.
And the hits kept coming. This morning, abercrombie and fitch acquaint black second-quarter balance -- a net accident of $19.8 million, due to $24.4 actor in accuse from closing down the Ruehl chain.
The company's same-store sales down 30 percent, to $648.5 million, over the additional division of 2008. Sales at the abercrombie and fitch food were down 27 percent, and same-store sales at Hollister were down 31 percent. Back-to-school is axis into a dejected time.
2009年9月20日星期日
Foundation,abercrombie
The company was originally established as abercrombie and fitch. by David Abercrombie on June 4, 1892, as a small waterfront shop at No.36 South Street in downtown Manhattan, New York. Wealthy New York lawyer Ezra Fitch became one of the store's regular customers. In 1900, Fitch left his law practice and bought a major share into the growing Abercrombie company and thus joined as co-founder. abercrombie and fitch. later moved into larger quarters at 314 Broadway, and Fitch began to implement experimental ideas to renovate the store. In 1904, Fitch's surname was incorporated and so the official name was changed to abercrombie and fitch..
Partnership between the founders did not end well. The two men, envisioning different ideas for the future of abercrombie and fitch , quarreled frequently while the company continued to prosper. Fitch wished to expand the company's appeal to the general public, whereas abercrombie and fitch wanted to continue selling professional gear to professional outdoorsmen. As a result, Abercrombie sold his share in the company to Fitch in 1907 and returned to manufacturing outdoor goods.Fitch continued the business with other partners and directed the company as he pleased.
Partnership between the founders did not end well. The two men, envisioning different ideas for the future of abercrombie and fitch , quarreled frequently while the company continued to prosper. Fitch wished to expand the company's appeal to the general public, whereas abercrombie and fitch wanted to continue selling professional gear to professional outdoorsmen. As a result, Abercrombie sold his share in the company to Fitch in 1907 and returned to manufacturing outdoor goods.Fitch continued the business with other partners and directed the company as he pleased.
2009年9月18日星期五
Arrogance Isn’t Working for Abercrombie & Fitch
The teen retailer, abercrombie and fitch , frequented by preppy and status-conscious kids, has gone out of style. No matter how much it believed—and banked on—that kids would never, ever, ever abandon its stores filled with sexy clothes and half naked men, they did, and in record numbers.
It tried to ride out the recession maintaining its high prices, an arrogant mindset that turned off its customers. Most other marketers were listening to customers and acting accordingly, some by lowering prices, others by adding value, offering money saving options and suggestions or reworking messaging to relay compassion to worried, cash-strapped customers.
abercrombie and fitch has crash-landed and is now trying to play catch up by lowering prices and introducing fashion trends it missed, like dresses. The company reported a second-quarter loss last week of $26.7 million, its third consecutive quarter showing double-digit sales declines. Sales dropped 23% to $648.5 million. Direct-to-consumer sales dropped 13% to $48.7 million. Employees are getting pink slips and the doors are being boarded up on its even higher-priced Ruehl chain.
CEO Mike Jeffries said, “We continued to be confronted with very challenging conditions during the second quarter. We believe we are doing the right things to address those challenges and improve our domestic business.”
Is it too late?
Many Abercrombie shoppers have turned their attention to Aeropostale and American Eagle Outfitters, two of the companies sweeping up the broken bits left by abercrombie and fitch bad decisions.
Even if kids still want to shop at its stores, parents are saying no. The glimmer of hope abercrombie and fitch may have seen of late—rising stocks and consumer confidence—has all but disappeared as stocks have slumped again on worries that consumers are still clinging to their wallets.
abercrombie and fitch recent financial report also suggested it has cut its marketing budget. Another bad move at a time when it should be letting its customers know it has finally come to its senses.
It tried to ride out the recession maintaining its high prices, an arrogant mindset that turned off its customers. Most other marketers were listening to customers and acting accordingly, some by lowering prices, others by adding value, offering money saving options and suggestions or reworking messaging to relay compassion to worried, cash-strapped customers.
abercrombie and fitch has crash-landed and is now trying to play catch up by lowering prices and introducing fashion trends it missed, like dresses. The company reported a second-quarter loss last week of $26.7 million, its third consecutive quarter showing double-digit sales declines. Sales dropped 23% to $648.5 million. Direct-to-consumer sales dropped 13% to $48.7 million. Employees are getting pink slips and the doors are being boarded up on its even higher-priced Ruehl chain.
CEO Mike Jeffries said, “We continued to be confronted with very challenging conditions during the second quarter. We believe we are doing the right things to address those challenges and improve our domestic business.”
Is it too late?
Many Abercrombie shoppers have turned their attention to Aeropostale and American Eagle Outfitters, two of the companies sweeping up the broken bits left by abercrombie and fitch bad decisions.
Even if kids still want to shop at its stores, parents are saying no. The glimmer of hope abercrombie and fitch may have seen of late—rising stocks and consumer confidence—has all but disappeared as stocks have slumped again on worries that consumers are still clinging to their wallets.
abercrombie and fitch recent financial report also suggested it has cut its marketing budget. Another bad move at a time when it should be letting its customers know it has finally come to its senses.
2009年9月17日星期四
Abercrombie Doesn't Change
In this retail environment, where consumers selectively scour for bargains, it is tempting for retailers to reduce prices in order to drive sales and reduce inventory. One company bucking this trend is cheap abercrombie and fitch (ANF), whose stated number one priority through this downturn is to "protect the brands". By holding prices steady while competitors discount, management hopes cheap Ambercrombie emerges from the recession as a superior brand that consumers are willing to pay a premium for.
Is this a good strategy? Only time will tell. In a sense, however, it is a riskier strategy, as short-term earnings are sacrificed in exchange for a future benefit of uncertain magnitude. Same-store sales are down a staggering 30% year abercrombie and fitch over year, as consumer preferences have shifted towards cheaper brands. Despite the large sales drop, inventories are running some 15% above what they were at this time last year, which is undoubtedly contributing to the fact that the company has had to increase its debt load from $43 million one year ago to its current level of $157 million.
But the company appears poised to be able to weather the economic storm. cheap abercrombie and fitch is still profitable despite the huge drop in sales thanks to its massive gross margins: buying apparel items manufactured in Asia and South America and selling them in North America for many times their cost has proven very fruitful for many companies which appeal to the fashion-conscious, and that's not likely to change.
There are risks to be aware of, however. If the recession deepens, abercrombie and fitch wholesale cost structure could prove inflexible. While we have seen that evenhealthy retailers have been able to renegotiate their leases lower, the sheer magnitude of ANF's future lease obligations ($2.8 billion, larger than the company's market cap!) cannot be ignored. Nevertheless, the company does have abercrombie and fitch room to reduce prices and increase short-term profits should this happen.
Is this a good strategy? Only time will tell. In a sense, however, it is a riskier strategy, as short-term earnings are sacrificed in exchange for a future benefit of uncertain magnitude. Same-store sales are down a staggering 30% year abercrombie and fitch over year, as consumer preferences have shifted towards cheaper brands. Despite the large sales drop, inventories are running some 15% above what they were at this time last year, which is undoubtedly contributing to the fact that the company has had to increase its debt load from $43 million one year ago to its current level of $157 million.
But the company appears poised to be able to weather the economic storm. cheap abercrombie and fitch is still profitable despite the huge drop in sales thanks to its massive gross margins: buying apparel items manufactured in Asia and South America and selling them in North America for many times their cost has proven very fruitful for many companies which appeal to the fashion-conscious, and that's not likely to change.
There are risks to be aware of, however. If the recession deepens, abercrombie and fitch wholesale cost structure could prove inflexible. While we have seen that evenhealthy retailers have been able to renegotiate their leases lower, the sheer magnitude of ANF's future lease obligations ($2.8 billion, larger than the company's market cap!) cannot be ignored. Nevertheless, the company does have abercrombie and fitch room to reduce prices and increase short-term profits should this happen.
2009年9月16日星期三
Law Student, Prosthetic Arm, Abercrombie & Fitch
We figured those three phrases alone would be enough to get you to to sit up and take notice. A law student with a prosthetic arm has won her suit for wrongful dismissal against U.S. clothing retailer abercrombie and fitch after she was ordered to work in the stockroom. Click here for the AP story.
The woman, Riam Dean (pictured), had alleged that she was removed from a London branch’s sales floor because the cardigan she wore to cover her missing left forearm violated abercrombie and fitch strict dress code. The 22-year-old testified that her manager taunted her about her disability. Ohio-based Abercrombie denied this.
A London employment trial ordered abercrombie and fitch
to pay Dean about $15,000 in compensation for injured feelings, lost earnings and wrongful dismissal.
According to Dean, she was asked by a company employee if it would be possible “to keep you in the stockroom until the winter uniform arrives.” Dean then received letter saying she had been “erroneously placed on the shop floor.”
The woman, Riam Dean (pictured), had alleged that she was removed from a London branch’s sales floor because the cardigan she wore to cover her missing left forearm violated abercrombie and fitch strict dress code. The 22-year-old testified that her manager taunted her about her disability. Ohio-based Abercrombie denied this.
A London employment trial ordered abercrombie and fitch
to pay Dean about $15,000 in compensation for injured feelings, lost earnings and wrongful dismissal.
According to Dean, she was asked by a company employee if it would be possible “to keep you in the stockroom until the winter uniform arrives.” Dean then received letter saying she had been “erroneously placed on the shop floor.”
2009年9月15日星期二
Buy the Abercrombie And Fitch clothing on the website
If you are no in USA,When people are looking to purchase clothing in American brands like the abercrombie and fitch label which is growing in popularity from stores in the other country they often have very little choice available for prospective customers.
abercrombie and fitch clothing is one of the most coveted of all casual designer clothing. It is also among the most expensive. You can save money when you purchase Abercrombie clothing by seeking out an online retailer. Instead of paying top dollar at the mall for Abercrombie, you can get it for less money when you shop online. You easy to find so much site wholesale abercrombie and fitch .
Then you also have the auction sites that provide you with quite a wide choice of Abercrombie clothing but then finding out whether the merchandise is authentic or not will be another difficult task at hand. Yet another option which is probably the best as well as the safest for the prospective buyer is the online stores based in the UK itself so that you save on the taxes which you would otherwise pay of you were to buy from an American online store. The stores in your street or locality may not stock enough so your choice will be limited. But do not lose hope as there are stores online which provide you with a wide variety of choice in the Abercrombie jacket as well as the other kinds of abercrombie and fitch clothing.
But then not all of us are very familiar and comfortable with shopping online. However, once you see the benefits and how comfortable it is when you can do it from the safety and comfort of your home at any time of the day or night without having to trudge from store to store trying to find what you are looking for, you will soon be shopping online only for all your requirements whether it is a Abercrombie clothing you are looking for or any other kind of Abercrombie & Fitch clothing or even Ed Hardy clothing. The trend is slowly but surely moving towards shopping online for just about everything that you might need and very soon that will probably be the only kind of shopping we will ever know.
We live in a small world and the Internet has brought everything even closer to us within easy reach including the much coveted abercrombie and fitch jacket. Whatever Abercrombie & Fitch clothing you see the celeb stars wearing you can order for now just sitting in your home and then wait for it to be delivered free to your doorstep.
abercrombie and fitch clothing is one of the most coveted of all casual designer clothing. It is also among the most expensive. You can save money when you purchase Abercrombie clothing by seeking out an online retailer. Instead of paying top dollar at the mall for Abercrombie, you can get it for less money when you shop online. You easy to find so much site wholesale abercrombie and fitch .
Then you also have the auction sites that provide you with quite a wide choice of Abercrombie clothing but then finding out whether the merchandise is authentic or not will be another difficult task at hand. Yet another option which is probably the best as well as the safest for the prospective buyer is the online stores based in the UK itself so that you save on the taxes which you would otherwise pay of you were to buy from an American online store. The stores in your street or locality may not stock enough so your choice will be limited. But do not lose hope as there are stores online which provide you with a wide variety of choice in the Abercrombie jacket as well as the other kinds of abercrombie and fitch clothing.
But then not all of us are very familiar and comfortable with shopping online. However, once you see the benefits and how comfortable it is when you can do it from the safety and comfort of your home at any time of the day or night without having to trudge from store to store trying to find what you are looking for, you will soon be shopping online only for all your requirements whether it is a Abercrombie clothing you are looking for or any other kind of Abercrombie & Fitch clothing or even Ed Hardy clothing. The trend is slowly but surely moving towards shopping online for just about everything that you might need and very soon that will probably be the only kind of shopping we will ever know.
We live in a small world and the Internet has brought everything even closer to us within easy reach including the much coveted abercrombie and fitch jacket. Whatever Abercrombie & Fitch clothing you see the celeb stars wearing you can order for now just sitting in your home and then wait for it to be delivered free to your doorstep.
2009年9月14日星期一
Abercrombie to Lower Prices, Focus on Being Sexy and Controversial
abercrombie and fitch. lost $26.7 million in the second quarter. This being the third straight quarter of double-digit sales declines, changes are afoot! Executives have finally realized the dissonance between the brand's cost and its value. At last they've decided to lower prices, try to sell clothes that people see a point in purchasing, and focus abercrombie and fitch
on their greatest strength: sexy 20-year-olds who enjoy riding horses naked through the woods. CEO Michael Jeffries says he abercrombie and fitch learned something after Ruehl shuttered in June: “We are young. We are sexy. We are controversial at times. That’s what we know how to do and that’s the business that we own here and are comfortable that we can around the world.”
The "most dramatic" price reductions will take effect next quarter and be most noticeable at Hollister and abercrombie and fitch Kids. More than 270 leases are up for renewal in 2011, and the chain is likely to shut some abercrombie and fitch stores. Jeffries said the label won't open any more flagships in the U.S., but plans to "accelerate the opening of international Hollister stores in 2010 and 2011." The Germans ought to have a greater appetite for scary dark techno caves during daylight hours than Americans do.
on their greatest strength: sexy 20-year-olds who enjoy riding horses naked through the woods. CEO Michael Jeffries says he abercrombie and fitch learned something after Ruehl shuttered in June: “We are young. We are sexy. We are controversial at times. That’s what we know how to do and that’s the business that we own here and are comfortable that we can around the world.”
The "most dramatic" price reductions will take effect next quarter and be most noticeable at Hollister and abercrombie and fitch Kids. More than 270 leases are up for renewal in 2011, and the chain is likely to shut some abercrombie and fitch stores. Jeffries said the label won't open any more flagships in the U.S., but plans to "accelerate the opening of international Hollister stores in 2010 and 2011." The Germans ought to have a greater appetite for scary dark techno caves during daylight hours than Americans do.
2009年9月13日星期日
A&F’s Comment on the Resolution of Riam Dean’s Claim
As to the Judgment of the Employment Tribunal, released 11 August, 2009, David Cupps, General Counsel of abercrombie and fitch said, “We are pleased that the Tribunal found that abercrombie and fitch not discriminate against Ms. Dean on grounds of her disability and also found that A&F provided Ms. Dean with the abercrombie and fitch accommodation she requested. While the Tribunal did make a finding of failure to accommodate and harassment, that finding was based on the events of a single day - - events which were not at all representative of Ms. Dean’s overall abercrombie and fitch
employment with A&F. We continue to believe that these events resulted from a misunderstanding that could have been avoided by better communication on the part of both parties.
We were happy to employ Ms. Dean, and we have abercrombie and fitch always been, and will continue to be, supportive of the rights of disabled individuals.”
employment with A&F. We continue to believe that these events resulted from a misunderstanding that could have been avoided by better communication on the part of both parties.
We were happy to employ Ms. Dean, and we have abercrombie and fitch always been, and will continue to be, supportive of the rights of disabled individuals.”
2009年9月9日星期三
Zacks Sell List Highlights: Dean Foods Co., Liz Claiborne, Abercrombie and Fitch and Winnebago
CHICAGO -- Zacks.com releases details on a group of stocks that are currently members of the exclusive Zacks #5 Rank List - Stocks to Sell Now. These stocks are currently rated as a Zacks Rank #5 (Strong Sell): Dean Foods Co. (NYSE: DF) and Liz Claiborne Inc. (NYSE: LIZ). Further, Zacks announced #4 Rankings (Sell) on two other widely held stocks: Winnebago Inc. (NYSE: WGO) and abercrombie and fitch
(NYSE: ANF). To see the full Zacks #5 Rank List - Stocks to Sell Now visit:
(NYSE: ANF). To see the full Zacks #5 Rank List - Stocks to Sell Now visit:
Since inception in 1988, the S&P 500 has outperformed the Zacks #5 Rank List -- Stocks to Sell Now by 129% annually ( 5.3% vs. 12.1%). While the rest of Wall Street continued to tout stocks during the market declines of the last few years, Zacks told investors which stocks to sell or avoid.
Here is a synopsis of why DF and LIZ have a Zacks Rank of #5 (Strong Sell) and should most likely be sold or avoided for the next one to three months. Note that a #5 Strong Sell rating is applied to 5% of all the stocks in the Zacks Rank universe:
Dean Foods Co. (NYSE: DF) had a very challenging 2007 as the company was confronted with a litany of problems, one of the biggest being continued escalating dairy costs. On March 2 Dean announced that it would be selling an additional 18.7 million shares in a secondary offering, which would constitute a 13% dilution of its existing share base. Estimates for the company continue to fall, with five of eight covering analysts dropping their current-year forecast within the last 30 days, pushing the consensus estimate lower by 21 cents to its current projection of $1.26.
Liz Claiborne Inc. (NYSE: LIZ) shares have been getting pummeled since early October, dropping from $35 to their current location of just above $15, an overwhelming loss of over 57%. There is no question that the apparel and fragrance retailer has been feeling the pinch from the incredibly tepid consumer environment. The company reported a steep loss in its fourth quarter due to restructuring costs and large markdowns in its inventory. Estimates continue to fall, with the current-year consensus estimate shedding 50 cents in the last 60 days to move to its current projection of $1.58 per share.
Here is a synopsis of why WGO and ANF have a Zacks Rank of 4 (Sell) and should also most likely be sold or avoided for the next one to three months. Note that a #4 Sell rating is applied to 15% of all the stocks ranked by Zacks;
Winnebago Inc. (NYSE: WGO) is operating in what is considered to be one of the most highly elastic industries, and that has been a source of real pain for the company as domestic consumer discretionary spending has been severely dented by slumping housing prices and serious liquidity issues. The company's stock price has been in a steady decline for over a year, and there does not appear to be any end in sight for the slump. The company announced a series of layoffs in late January in order to curtail its overhead and squeeze some extra cash out of its margins. The company missed its number last quarter and the analyst community continues to downgrade their projections.
abercrombie and fitch (NYSE: ANF) is yet another company feeling the pain from curtailed consumer spending habits, due to numerous negative economic developments.
The company's share price has traded mostly sideways for the last 18 months, and is currently pressing the low-end of the previously mentioned range. Four of 20 covering analysts have lowered their current-year projections within the last 30 days. The consensus estimate now stands at $5.79 per share, down from the previous $6.00.
Truly taking advantage of the Zacks Rank requires the understanding of how it works. The free special report; "Zacks Rank Guide: Harnessing the Power of Earnings Estimate Revisions" is available to provide this insightful background. Download a free copy now to prosper in the years to come at
About the Zacks Rank
Since 1988, the Zacks Rank has proven that "Earnings estimate revisions are the most powerful force impacting stock prices." Since inception in 1988, #1 Rank Stocks have generated an average annual return of 32.2%. During the 2000-2002 bear market, Zacks #1 Rank stocks gained 43.8%, while the S&P 500 tumbled -37.6%. Also note that the Zacks Rank system has just as many Strong Sell recommendations (Rank #5) as Strong abercrombie and fitch Buy recommendations (Rank #1). Since 1988, Zacks Rank #5 stocks have underperformed the S&P 500 by 129% annually ( 5.3% vs. 12.1%). Thus, the Zacks Rank system allows investors to truly manage portfolio trading effectively.
Abercrombie and Fitch Clothing
Abercrombie and Fitch Clothing was started in 1892 by David T. Abercrombie as an outfitter for those who were heading into the wilderness. The brand began to falter in the mid 19th century, but began a turnaround when they were bought by The Limited in 1988. This started a new (successful) life as a clothing line for those looking for “casual luxury” or a “college look.” (Definitely not the look you’d get with H&M Clothing, but to each their own.) There are a lot of people out there who make this their brand, buying very little from other clothing companies.
It’s this kind of loyalty from customers that has allowed the brand to expand so rapidly after changing its image in the late 80s. This company knows what the customers want and they deliver. Some might balk at the prices, but quality costs money and the dollars spent on Abercrombie and Fitch Clothing go a long way when you think about how long the durable clothes are going to last and how much use you’re going to get out of them.
Reasons to Buy abercrombie and fitch
Clothing
Clothing
While there are a lot of reasons to consider this brand, here are some of the top ones you should think about before you spend your hard earned money on clothes from other companies.
* History – This brand has a rich history and past that has been passed onto the clothes of the current A&F generation. This history adds a little something extra to the clothes in this brand. Being around over 100 years in the fashion industry, they must be doing something right.
* Quality – Even the “medium destroyed” clothes from A&F are well made and designed (and destroyed) in such a way that you get a lot of use out of them. Quality is something that never goes out of style and it shows in these clothes and accessories. (Some would say they’re better than Sisley Clothing or even Max Mara Clothing, and that’s saying a lot.)
* Style – This brand offers something just a little different – the perfect blend of luxury, casual, and a hint of the outdoors. It’s a winning style combo, one that has made the company successful enough to launch other brands under the umbrella of A&F.
Where Can I Find abercrombie and fitch Clothes?
A better question might be where you can’t find this clothing brand. Both online and in the physical world, there are a lot of different places to pick up clothes or accessories that carry this name and the heritage that comes along with it. All you have to do is take a look around and you’re bound to run into the brand sooner rather than later during your shopping day.
Wherever you decide to buy abercrombiea and fitch
clothes, you can rest assured that you’re going to be getting quality and style – even if you go with their “partially destroyed” jeans. Being around as long as they have (even under different ownership), the company knows how to survive. Simply put, they design great styles that people want. A lot has to do with the name of this brand, but it’s also about the clothes.
clothes, you can rest assured that you’re going to be getting quality and style – even if you go with their “partially destroyed” jeans. Being around as long as they have (even under different ownership), the company knows how to survive. Simply put, they design great styles that people want. A lot has to do with the name of this brand, but it’s also about the clothes.
2009年9月7日星期一
Finally, Teens Don't Like, Or Want To Be, Girls Who Wear Abercrombie & Fitch
Oh, Abercrombie & Fitch! Your sexed-up, overpriced, sexist, ridiculous clothing epitomized everything that sucked about the late 90's. And now, after a long reign of terror, the kids are finally over your brand of bullshit.
Let me explain why I hate abercrombie and fitch so much: when I was in the hospital for anorexia 5 years ago, I shared a room with a young woman who was so sick that she needed to be tube-fed 24 hours a day. She was at least 40 pounds underweight and looked like she was going to break. The week before she was hospitalized, she told me, she went to buy clothes at Abercrombie & Fitch, and the manager pestered her the entire time, begging her to apply for a job there, because she had "the look they wanted." Classy!
Abercrombie & Fitch rose to prominence during my high school years, when bland preppy clothing somehow became all the rage. Never before or since have kids in public school taken such a shine to khaki pants and puka shell necklaces. Walking into an Abercrombie & Fitch (or a Hollister, or an American Eagle) is a bit like walking into a super lame high school party; the stench of cheap cologne is everywhere, the lights are low, the music is bad and way too loud, and there is an air of pseudo-sexuality that screams, "I want to make out with you but I'm going to be reallllly bad at it!"
Abercrombie has made headlines over the years by releasing such charming women's t-shirts with sexist slogans such as "With these, who needs brains?" and "Blondes are adored, brunettes are ignored," (the shirts were pulled after boycotts sprung up) and by promoting racist t-shirts with lines like "Two Wongs Can Make It White." Somehow, the company kept going after these disasters, as the kids kept dropping their money on overpriced terry cloth pants.
But the recession is changing everything, and the kids are moving away from the abercrombie and fitchbrand. The store is struggling, posting a 34% drop in sales since last year, a number Caitlin McDevitt of MSNBC notes is "the worst among retailers in March."
"There was a time when abercrombie and fitch sexy ad campaigns and half-dressed salespeople were irresistible to teens," McDevitt writes, "A time when an endless line outside the flagship Fifth Avenue store curled around the block each morning. A time when the store effortlessly convinced young people that wearing two expensive polo shirts was infinitely more stylish than wearing just one. And the teens followed like lambs. There were days when A&F stock topped $80 per share, but those days have passed. Now, shares have sunk to less than one-third of that, and it seems that the embroidered Moose logo may be losing its cachet."
Don't worry, abercrombie and fitch. I'm sure you still have stock of your racist, sexist t-shirts to cry into. And, of course, Rich Cronin will always think you are fly.
2009年9月6日星期日
The Look Of Abercrombie & Fitch
(CBS) Before this year's holiday sales begin, Correspondent Morley Safer has a look at a story that rocked the world of retail last year.
Abercrombie & Fitch was charged with racial discrimination. And the once venerable clothier, which outfitted everyone from Teddy Roosevelt to JFK, has undergone a makeover. Here's his original report:The image of abercrombie and fitch is now party-loving jocks and barenaked ladies living fantasy lives.
But all that fair hair and skin has made it a juicy target. It's being taken to court, accused of racial discrimination in their hiring. Does Abercrombie's all-American look exclude some Americans?
"All-American doesn't mean all-white," says Jennifer Lu, a student at University of California, Irvine, and a former salesperson at a Costa Mesa, Calif., store. Lu and several other young people say they couldn't get a job, or were fired because their look was not consistent with the store's look.
What exactly is the abercrombie and fitch look?
"It's dominated by Caucasian, football-looking, blonde-hair, blue-eyed males; skinny, tall," says Lu. "You don't see any African-Americans, Asian-Americans, and that's the image that they're portraying and that they're looking for."
Liu says she was fired after corporate officials visited the store, and, according to her, didn't like what they saw: "A corporate official had pointed to an Abercrombie poster and told our management at our store, 'You need to have more staff that looks like this.' And it was a white Caucasian male on that poster."
Anthony Ocampo says blacks, Asians and Latinos were sometimes hired by Abercrombie, but weren't given the opportunity to work in sales. "The greeters and the people that worked in the in-season clothing, most of them white, if not all of them, were white," says Ocampo. "The people that worked in the stock room, where nobody sees them, were mostly Asian-American, Filipino, Mexican, Latino."
The lawsuit alleges that abercrombie and fitch hires a disproportionately white sales force, favors white employees for the best positions, and discourages minorities from even applying for jobs. But lawyer and conservative talk show host Larry Elder says too often cases like these end up in court.
"abercrombie and fitch ought to have the right to set their own policies, for good or for ill. Look, there's a restaurant called Hooters. Hooters requires you to have certain kinds of physical accoutrements," says Elder. "Will that do? And I think people understand that. Should they have a right to hire waitresses because they want to attract a certain kind of clientele who want to ogle at the waitresses? I think so."
But the young people who are suing say all that's irrelevant. They say companies like Abercrombie need to be reminded what being American is all about.
2009年9月3日星期四
Abercrombie Denied Federal Money Transfer
Congressman Neil Abercrombie's run for governor took a big financial hit Tuesday.
The Campaign Spending Commission voted not to let him transfer more than $900,000 from his federal campaign to his state campaign.
There's no question the $900,000 means a lot to the campaign, but Congressman Abercrombie isn't giving up on being able to use that money.
The congressman hosted a meet and chat at Waipahu Intermediate School tonight. He was all smiles during the meeting even though the Campaign Spending Commission voted unanimously against him. He says there's a double standard and there are different rules for different people alluding to the fact that Honolulu Mayor Mufi Hannemann was allowed to transfer more than $650,000 left over from his mayoral race to his gubernatorial campaign.
"Without that money can you still win?" KGMB9 asked.
"The money is still able to come. They can try to make it difficult. We'll be dealing with it in court," responded Congressman Abercrombie.
"(Are you) angry?" KGMB9 asked.
"No sense being angry. What good does that do? It's a matter of sticking to your principles and moving ahead in the venue that's available to us which is the courts," said
abercrombie and fitch.
abercrombie and fitch.
abercrombie and fitch campaign says it’s also weighing the other options besides going to court including giving the federal money back to the original donors and then asking them to re-donate again to the state campaign. There's also the possibility he may give the money to charity.
Congressman abercrombie and fitch has about $250,000 left in his state campaign. That’s well below Mayor Hannemann, who has $1.16 million and Lt. Governor Duke Aiona, who has $871,000, but abercrombie and fitch says there's still plenty of time to fund raise.
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