USA: A&F Announces Opening Of First Hollister Store
Hollister Co is a West Coast-oriented lifestyle brand targeted at high school children. Mike Jeffries, chairman and chief executive officer, said, "The Hollister Co will provide us with another strong growth vehicle. The initial stores are a test and we are anxious to get feedback from our customers on this new concept."
Four additional stores will open in the next two weeks.
However, Newstraders.com quoted Prudential Securities analyst Stacy Pak calling the Hollister concept "a dud."
And, despite continued good performance from A&F, she expects a wrinkle in the clothing outfit's upcoming quarterly earnings statement: "We believe ANF will experience an inventory problem when they report their quarter on August. 8." She has reiterated her "hold" rating.
The analyst reminded investors that comparable store sales slowed in the fourth-quarter last year due to stiffer competition and the belief that fashion had moved away from Abercombie.
A lifestyle brand, Abercrombie & Fitch operated a total of 275 stores at the end of June, including 44 abercrombie stores. The company also operates a kids' e-commerce website at www.abercrombiekids.com, an adult e-commerce website at www.abercrombie.com, and publishes the A&F Quarterly.
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