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☆ Former Abercrombie CEO Mike Jeffries arraigned on sex trafficking charges
▼ + stars: | 2024-10-25 | by ( Mark Morales | ) edition.cnn.com time to read: +3 min

CNN —Former Abercrombie & Fitch CEO Michael Jeffries pleaded not guilty to a 16-count indictment at his arraignment in a New York federal court on Friday. Jacobson was employed by Jeffries and Smith to recruit, interview and hire men to perform commercial sex acts for Jeffries and Smith, according to the indictment. His attorneys did not comment as they left the courtroom, and Jeffries is due back in court on December 12. Jefferies stepped down as CEO of Abercrombie & Fitch in December 2014, having run the company since 1992. “As we shared when the accusations were first made public in October 2023, we are appalled and disgusted by the alleged behavior of Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended nearly ten years ago,” Abercrombie & Fitch said in a statement Wednesday.

Persons: Michael Jeffries, Jeffries, He’s, Matthew Smith, ”, Smith, James Jacobson, Jacobson, Jefferies, ” Abercrombie, Fitch, Gingras, Kara Scannell, Laura Dolan, John Towfighi Organizations: CNN, Abercrombie, Fitch, ”, Eastern, of, Abercrombie & Fitch, Abercrombie & Fitch Co Locations: New York, New York City, Long, Florida, Peace, of New York, West Palm Beach , Florida, Rice Lake , Wisconsin

☆ Abercrombie & Fitch responds to former CEO's sex trafficking arrest, says it will cooperate with law enforcement
▼ + stars: | 2024-10-23 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Former Abercrombie & Fitch Chairman and CEO Mike Jeffries addresses stockholders during the company's annual meeting at its headquarters in New Albany, Ohio, on May 22, 2003. Abercrombie & Fitch washed its hands of its former CEO Mike Jeffries after he was arrested on federal sex trafficking charges, saying in a Wednesday statement the company is "committed to fully cooperating with law enforcement as the legal process continues." Jeffries and Smith are accused of coercing aspiring Abercrombie models into sex acts in exchange for modeling gigs, among other acts. In its statement, Abercrombie said it supports the victims who have come forward. "Our thoughts remain with those who have bravely raised their voices as part of the federal investigation."

Persons: Mike Jeffries, Fitch, Jeffries, Abercrombie, Jeffries —, Matthew Smith, Smith, Brian Bieber, Bieber, Fran Horowitz Organizations: Abercrombie, Fitch, Abercrombie & Fitch Co, CNBC, BBC, NBC Locations: New Albany , Ohio

Apple got a price target increase from Wells Fargo. As catalysts, Boss cited broad-based demand for Abercrombie, growth upside for Hollister and a ramp-up in Abercrombie's international brand momentum. Analyst James Faucette also lifted his price target to $175 from $154. Fidelity National Information Services stock closed at $75.25 on Friday afternoon, slightly below analyst James Faucette's $79 price target. — Lisa Kailai Han 5:51 a.m.: Wells Fargo raises Apple price target Wells Fargo is getting more bullish on Apple ahead of earnings.

Persons: Apple, Guggenheim, Fitch, Matthew Boss, Abercrombie, Boss, — Lisa Kailai Han, Morgan Stanley, James Faucette, Clover, Faucette, Raymond James, Estee Lauder, Olivia Tong, Tong, James Faucette's, Piper Sandler, Harsh Kumar, Kumar, NVDA, CrowdStrike, John DiFucci, DiFucci, Wells, Aaron Rakers, Fred Imbert Organizations: CNBC, Tech, Apple, JPMorgan, Abercrombie, Abercrombie & Fitch, Fitch, Fidelity National Information Services, Blackwell, Nvidia, Guggenheim, Apple Intelligence Locations: Wells Fargo, CrowdStrike, Hollister, Fiserv, U.S, China, CSPs

☆ From the boardwalk to the altar: T-shirt, shorts, bikinis and boot sellers are now dressing brides
▼ + stars: | 2024-05-12 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +8 min

“The move into wedding wear makes sense so long as it’s not a distraction from their core business,” Stichter said. “For these bridal collections to land with Gen Z, It’s important that these brands tap into the way that Gen Z shops. Gen Z is always online, but 97% of US Gen Z still shop in-store,” Rees said. With wedding dresses in particular, one trend that emerged during the pandemic was the popularity of black wedding gowns. Boot Barn has a new western-themed wedding collection of bridal dresses, cowboy boots, hats and accessories priced mostly at $400 and below.

Persons: Gen Zers, Taylor Swift, ”, Janine Stichter, Millennials, ” Stichter, ” Carey Collins Krug, “, won’t, Allyson Rees, Gen Z, ” Rees, Gen, they’re, Rees, it’s, ” Lisa Zlotnick, “ There’s, Isha Nicole, ” Nicole Organizations: New, New York CNN, Abercrombie, Fitch, Abercrombie & Fitch Co, CNN, “ Locations: New York, California, Los Angeles, Las Vegas

☆ Abercrombie & Fitch beats holiday estimates as sales soar again, helped by higher prices
▼ + stars: | 2024-03-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

Abercrombie & Fitch said Wednesday that its holiday-quarter sales jumped 21% and its profits grew thanks to higher prices and lower raw material costs. For the current quarter, Abercrombie expects sales to rise by a low double digit percentage, compared to estimates of up 7.2%, according to LSEG. During the quarter, comparable sales grew 16% and gross margin came in at 62.9%, 7.2 percentage points higher than the year ago period. "Our strong fourth quarter was fueled by sales growth across regions and brands. In early January, Abercrombie raised its fourth quarter and full-year outlook after holiday sales came in better than expected.

Persons: Fitch, Abercrombie, Fran Horowitz, Horowitz, influencers, Hollister, they'll Organizations: Abercrombie, Fitch, Fitch Co, LSEG, Fitch's Locations: New York, Hollister

☆ Top Wall Street analysts recommend these 3 stocks for the long term
▼ + stars: | 2024-03-03 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +6 min

Wall Street analysts remain focused on the long-term prospects of stocks with solid growth potential. Here are three stocks favored by the Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. The revised outlook reflected net sales growth across regions in the holiday sales quarter, led by continued strength in the Americas. Tarlowe highlighted that Abercrombie & Fitch continues to gain market share both domestically and worldwide. Overall, the analyst sees further upside to ANF's market share, sales and earnings.

Persons: Goldman Sachs, Toshiya Hari, Hari, TipRanks, Corey Tarlowe, Fitch, Tarlowe, Hollister, Kate McShane, McShane Organizations: Wall Street, Nvidia, Data Center, Abercrombie, Fitch, Jefferies, Hollister, Walmart Locations: Americas, U.S, India, Mexico, Central America, China, TipRanks

Fran Horowitz, Abercrombie & Fitch CEO: The future of retail is small, efficient, omni stores, and they're located where the customer tells us. I get really, really excited about what this means in the operations of the business, using predictive analytics to help us forecast demand. They're worldwide, a zillion stores, and their operations and execution, aside from their merchandising, I think they're always on top of the game. I think you're going to see an interaction with someone in a setting that doesn't look like retail, but looks like a fantastic experience. Nicholas of Sam's Club: Another retail standard that is really going to be important beyond the customer is energy.

Persons: Christina Locopo, Fran Horowitz, Abercrombie, Patrick MacLeod, WWD, Michelle Gass, Levi Strauss, they're, Jens Grede, Geoffroy van Raemdonck, Neiman Marcus, there'll, Trina, Patrick T, Fallon, Chris Nicholas, Kara Trent, Levi's Gass, Tom Ward, Erin Black, CNBC Abercrombie's Horowitz, Marc Lore, Mickey Drexler, TikTok, Adam Jeffery, Dave Kimbell, It's, Scott Mlyn, CNBC Neiman's van, you've, Yael Cosset, —, Ulta's, Arturo Holmes, Trent, That's, we've, Kroger's, Abercrombie's Horowitz, I've, Dia Dipasupil, Neiman's van, who's, Lulu, Drexler, Armour's, Dior, Louis Vuitton, Hermes, Armour Levi's Gass, Emma Grede, Kardashian, Kim, Geoffroy van Raemdonck Patrick Mckleod, Nicholas of Organizations: CNBC, Abercrombie, Fitch, Abercrombie & Fitch Co, Penske Media, Getty, Milken Institute Global Conference, AFP, Sam's, Technology, Walmart U.S, Walmart, New York Times, Navy, WWD, Young, Nike, TJX, Zara, Armour's Trent, Americas, Nicholas of Sam's, Sam's Club Locations: they're, Beverly Hills , California, New York City, America, New York, U.S, Skims, Inditex, Kara, Walmart's

☆ A dilapidated castle built by an Abercrombie & Fitch cofounder is on sale for $2.9 million
▼ + stars: | 2024-01-11 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +3 min

Abercrombie & Fitch cofounder David T. Abercrombie's castle is on sale in New Castle, New York. AdvertisementA castle built by an Abercrombie & Fitch cofounder could be yours for just short of $3 million. Fee Sotheby's International Realty , was completed in 1927 by David T. Abercrombie, the cofounder of Abercrombie & Fitch, according to its listing on Realtor. Abercrombie founded the Abercrombie Company in 1892 as a sporting goods store, the company's website states. It became Abercrombie & Fitch in 1904 when Ezra Fitch joined as Abercrombie's partner, but Abercrombie left the company by 1910 when it opened its first department store.

Persons: David T, it's, —, Christina Diminno, Julia B, Abercrombie, Abercrombie &, William Pitt Julia B, Elizabeth, Lucy, David, Abbott —, Diminno, Abercrombie's, It's, Ezra Fitch Organizations: Abercrombie, Fitch, Service, Abercrombie & Fitch, Westchester Magazine, Morgan, Corp, Abercrombie Company, Gen Locations: New Castle , New York, Manhattan, Scottish

☆ Abercrombie & Fitch says it is 'appalled' by allegations against former CEO Mike Jeffries
▼ + stars: | 2023-10-04 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

New York CNN —Abercrombie & Fitch says it has launched its own investigation into allegations originally published by the BBC that the company’s former CEO, Mike Jeffries, exploited men for sex. “We are appalled and disgusted by the behavior described in the allegations against Mr. Jeffries, whose employment with Abercrombie & Fitch Co. ended in 2014, nearly ten years ago. At least some of the parties are alleged to have occurred while Jeffries was the CEO of Abercrombie & Fitch. Jeffries’ attorney, Brian Bieber, provided a response to CNN to the BBC report, saying that “Michael is 79 years old and retired. In years past, he has chosen not to comment on media reports, documentaries, and stories of any kind as they relate to his personal life - and does not plan on doing so now.”Mike Jeffries, former Abercrombie & Fitch CEO, photographed in November 2005.

Persons: Fitch, Mike Jeffries, Jeffries, “, Matthew Smith ., Jeffries ’, Brian Bieber, Michael, ” Mike Jeffries, Michael Loccisano, ”, – Organizations: New, New York CNN, Abercrombie, BBC, Abercrombie & Fitch Co, CNN, Abercrombie & Fitch, Fitch, Brothers Laundry Service, The New York Times, & $ Locations: New York, Black

☆ US retail spending picked up in August, mostly due to sales at gas stations
▼ + stars: | 2023-09-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US retail sales picked in August, boosted by higher gas prices, as spending on other items grew modestly. Retail sales, which are adjusted for seasonal swings but not inflation, rose 0.6% in August, the Commerce Department reported Thursday. Excluding sales at gasoline stations, retail spending advanced a more modest 0.2% in August from July. Retail spending increased across most categories, including at restaurants and grocery stores. Online retail sales in August were flat, after jumping in July due to Amazon’s Prime Day promotional event.

Persons: That’s, It’s, “ Fitch, ”, David Silverman, Goldman Sachs, there’s, Lydia Boussour, “ Encouragingly, Boussour Organizations: DC CNN, Commerce Department, AAA, Federal Reserve, Fitch Locations: Washington, Libya, EY

☆ Oil prices steady as markets weigh weak China data, tighter crude supplies
▼ + stars: | 2023-08-16 | by ( ) www.cnbc.com time to read: +2 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Oil prices held steady in early trading on Wednesday after a 1% drop in the previous session, as markets weighed weak economic data from China, the world's biggest oil importer, against tightening U.S. crude supplies. Brent crude futures rose 3 cents to $84.92 a barrel at 0001 GMT, while U.S. West Texas Intermediate crude rose 5 cents $81.04. Meanwhile, stronger-than-expected retail sales data in the United States, the world's top oil consumer, stoked worries that interest rates could stay higher for longer. Supply cuts by Saudi Arabia and Russia, part of the OPEC+ group comprising the Organization of the Petroleum Exporting Countries and allies, have pushed up oil prices over the past seven weeks.

Persons: Haitham Al Ghais, Neel Kashkari, Fitch Organizations: Brent, U.S, West Texas, American Petroleum Institute, Reuters, Minneapolis Federal, of, Petroleum Locations: OPEC, China, Beijing, United States, Minneapolis, U.S, Saudi Arabia, Russia

☆ Fitch warns it may be forced to downgrade dozens of banks, including JPMorgan Chase
▼ + stars: | 2023-08-15 | by ( Hugh Son | ) www.cnbc.com time to read: +5 min

This time, Fitch is intent on signaling to the market that bank downgrades, while not a foregone conclusion, are a real risk, said Wolfe. And if top institutions like JPMorgan are cut, then Fitch would be forced to at least consider downgrades on all their peers' ratings, according to Wolfe. Shares of lenders including JPMorgan, Bank of America and Citigroup dipped in premarket trading Tuesday. JPMorgan declined to comment for this article, while Bank of America and BankUnited didn't immediately respond to messages seeking comment. Defaults tend to rise in a rate-hiking environment, and Fitch has expressed concern on the impact of office loan defaults on smaller banks.

Persons: JPMorgan Chase, Chris Wolfe, Fitch, Wolfe, Moody's, Jamie Dimon, JPMorgan, BankUnited didn't, Morgan Stanley Organizations: JPMorgan, CNBC, . Bank, Bank of America, Citigroup, BBB, Federal Reserve, AA Locations: U.S, York, Miami Lakes , Florida

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 19, 2023. The Commerce Department's report showed retail sales grew 0.7% last month against expectations of a 0.4% rise, suggesting the U.S. economy remains strong. "The retail sales number might indicate that the Fed would continue to raise rates." Home Depot (HD.N) added 1% after the home improvement chain posted a smaller-than-expected drop in quarterly same-store sales and topped profit estimates. Declining issues outnumbered advancers by a 5.29-to-1 ratio on the NYSE and a 2.90-to-1 ratio on the Nasdaq.

Persons: Brendan McDermid, Wells, Fitch, jitters, Peter Andersen, JPMorgan Chase, Zions, Wells Fargo, Bilibili, Berkshire Hathaway, Warren Buffett's, Horton, Amruta Khandekar, Shristi, Shashwat Chauhan, Maju Samuel, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Nvidia, UBS, Wells Fargo, PT U.S, Dow, Nasdaq, U.S, Commerce, Andersen Capital Management, Fed, Federal Reserve, JPMorgan, Bank of America, PacWest Bancorp, Western Alliance Bank, Federal Deposit Insurance, Treasury, Alibaba, Dow Jones, General Motors, Berkshire, Warren, Lennar Corp, NYSE, Thomson Locations: New York City, U.S, Boston, China, Beijing, Warren Buffett's Berkshire, homebuilder D.R

☆ Fitch tells CNN why it downgraded America now
▼ + stars: | 2023-08-02 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —Fitch Ratings is defending its controversial decision to downgrade the US credit rating by pointing to the nation’s mountain of debt. “The numbers speak for themselves,” Richard Francis, the lead analyst on US sovereign ratings at Fitch, told CNN in an interview on Wednesday. Within minutes of Fitch’s downgrade on Tuesday evening, the White House, Treasury Department and some leading economists slammed the move. Whether America slips into a mild recession or narrowly avoids one “just doesn’t move the needle,” Francis told CNN. ‘The center’s fallen apart’Beyond the fiscal mess, Fitch is growing increasingly worried about the political situation in the world’s largest economy.

Persons: New York CNN Business — Fitch, ” Richard Francis, Francis, “, ” Francis, Janet Yellen, Fitch, Obama, Jason Furman, Larry Summers, ”, Donald Trump, there’s, Biden Organizations: New York CNN Business, Fitch, CNN, Treasury Department, Social Security, Office, Democrats, Republicans, Trump Locations: America

☆ Nordstrom beats quarterly sales estimates as apparel demand holds up
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) beat market estimates for first-quarter sales on Wednesday as demand from wealthy shoppers cushioned a wider, inflation-driven slowdown in spending on clothing and accessories. In a bid to attract more budget-conscious shoppers, Nordstrom has been opening new stores under its off-price banner Rack. While quarterly sales at Rack decreased 11.9%, Nordstrom said trends improved later in the quarter, driven by its moves to stock up shelves with crowd-favorite brands. The company also reported a 110-basis-point increase in quarterly gross margin, thanks to easing cost pressures and tighter inventory management. On an adjusted basis, the company reported a profit of 7 cents per share.

Persons: Nordstrom, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Thomson Locations: Bengaluru

☆ Nordstrom delivers surprise profit as inventory woes ease
▼ + stars: | 2023-05-31 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

May 31 (Reuters) - Nordstrom Inc (JWN.N) posted a surprise first-quarter profit on Wednesday as better inventory control and demand from wealthy shoppers helped the company defy an inflation-driven slump in retail spending, sending its shares up 7% after hours. While quarterly sales at Rack fell 11.9%, Nordstrom said trends improved later in the quarter and have continued into May. The company's inventories decreased 7.8% at quarter-end, while gross margin improved 110 basis points, partly due to easing cost pressures. Total quarterly revenue at Nordstrom fell about 11% to $3.18 billion, but surpassed analysts' average estimate of $3.12 billion, according to Refinitiv IBES data. Excluding items, it reported a per-share profit of 7 cents, compared with estimates for a loss of 13 cents.

Persons: they're, Erik Nordstrom, Nordstrom, It's, it's, Morningstar, David Swartz, Deborah Sophia, Devika Organizations: Nordstrom Inc, Abercrombie, Fitch, Target Corp, Home Depot Inc, Nordstrom, Thomson Locations: Bengaluru

☆ Abercrombie & Fitch surges more than 30% after reporting surprise profit
▼ + stars: | 2023-05-24 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

Pedestrians pass in front of an Abercrombie & Fitch Co. store in San Francisco. Shares of Abercrombie & Fitch soared more than 30% on Wednesday after the mall retailer beat estimates, raised its guidance and reported a surprise profit. Excluding one-time items, Abercrombie reported per-share profit of 39 cents in the quarter. For fiscal 2023, it now expects net sales to grow between 2% and 4%, compared with a previous range of 1% to 3%. For the fiscal second quarter, the company expects net sales to grow 4% to 6% and an operating margin in the range of 2% to 3%.

☆ America’s credit rating could get downgraded even if a default is avoided, Fitch Ratings warns
▼ + stars: | 2023-03-06 | by ( Matt Egan | ) edition.cnn.com time to read: +5 min

New York CNN —Every few years, Washington plays a dangerous game of chicken over whether to raise the debt ceiling or default on US debt. Even if a default is avoided this time, the frequent nature of these political showdowns could cause America’s credit rating to get downgraded, Fitch Ratings told CNN on Monday. Those already look messy and were at the heart of the unprecedented credit ratings downgrade by S&P Global Ratings in 2011. Goldman Sachs told CNN in late January that a full-blown debt ceiling crisis could spark a recession. That’s why Fitch does not have the United States on watch for a downgrade, at least not yet.

☆ Abercrombie & Fitch posts a fall in quarterly profit
▼ + stars: | 2023-03-01 | by ( ) www.reuters.com time to read: 1 min

March 1 (Reuters) - Abercrombie & Fitch Co (ANF.N) on Wednesday reported a 41.5% drop in quarterly profit, as higher labor costs and inflationary pressures squeezed margins. The company's net income attributable to Abercrombie fell to $38.3 million, or 75 cents per share, in the fourth quarter, from $65.5 million, or $1.12 per share, a year earlier. Reporting by Aatrayee Chatterjee in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Abercrombie, American Eagle signal upbeat holiday-quarter sales
▼ + stars: | 2023-01-09 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Abercrombie & Fitch Co (ANF.N) and American Eagle Outfitters Inc (AEO.N) issued upbeat holiday-quarter sales forecasts on Monday as consumers snapped up their winter wear during the peak shopping season. Shares of Abercrombie, which owns the Hollister label, jumped more than 9%, while American Eagle climbed about 3%. It projected fourth-quarter operating margin between 6% and 8%, up from a range of 5% to 7% estimated previously. American Eagle also said its fourth-quarter revenue and profit margins were tracking at the high end of its forecasts, benefiting from its decision to right-size inventory and a better-than-expected performance at its American Eagle label. Last week, department store chain Macy's Inc (M.N) projected holiday-quarter sales toward the lower end of its previous forecast.

☆ Lululemon Athletica sees margin squeeze in holiday quarter; shares slump
▼ + stars: | 2023-01-09 | by ( Granth Vanaik | ) www.reuters.com time to read: +2 min

Jan 9 (Reuters) - Lululemon Athletica Inc (LULU.O) forecast a decline in holiday-quarter gross margins on Monday as the apparel maker discounts more and grapples with higher costs, sending its shares down more than 9%. Lululemon said it expects gross margin to decline 90-110 basis points in the fourth quarter, compared with its previous expectation of an increase of 10-20 basis points. The company, however, raised its fourth-quarter net revenue forecast to between $2.66 billion and $2.70 billion, from its previous range of $2.61 billion to $2.66 billion. It also tightened its outlook for fourth-quarter earnings per share to between $4.22 and $4.27, compared with its prior forecast of $4.20 to $4.30. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh Kuber, Saumyadeb Chakrabarty and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Abercrombie & Fitch lifts holiday-quarter sales forecast
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

Jan 9 (Reuters) - Abercrombie & Fitch Co (ANF.N) raised its holiday-quarter sales forecast on Monday on strong demand for its brands during the peak holiday selling period, sending shares about 3% higher before the bell. The Ohio-based apparel retailer said it now expects net sales to rise between 1% and 2% in the fourth quarter, compared with its prior forecast for a 2% to 4% fall. Abercrombie noted an improvement in overall sales from the third quarter, but said sales at its Hollister brand were still expected to remain below 2021 levels in the holiday quarter. The company projected fourth-quarter operating margin between 6% and 8%, up from a range of 5% to 7% estimated previously. Meanwhile, yoga wear maker Lululemon Athletica Inc (LULU.O) lowered its expectations for fourth-quarter gross margins, sending shares down more than 12% in premarket trade.

☆ California Long Ruled U.S. Shipping. Importers Are Drifting East.
▼ + stars: | 2022-12-10 | by ( Paul Berger | Photographs David Walter Banks For The Wall Street Journal | ) www.wsj.com time to read: +13 min

Abercrombie & Fitch Co. is moving more merchandise through New York and New Jersey to avoid West Coast bottlenecks. It trailed its East Coast rival again in that measure during September and October, according to the Pacific Merchant Shipping Association and ports data. ”There are so many customers that got so screwed because they were entirely reliant on L.A. and Long Beach.”The logistical challenges of spreading imports along the East Coast and the Gulf Coast are massive. The shift in trade to the East Coast marks a return to where container ships originated. Then the U.S. began importing more goods from Europe, making an Atlantic Ocean crossing to various East Coast ports more critical.

“There’s no such thing as a set forecast right now,” said Sophie Kelly, senior vice president of whiskies at Diageo North America, speaking at the same event. The firm, a unit of Interpublic Group of Cos.’ Mediabrands, cut its growth forecast for next year to 4.8% from an earlier prediction of 5.8% in June. Organic revenue growth is a metric that removes the effects of currency fluctuations, acquisitions and disposals. Airbnb Inc. slashed its advertising spending and invested in brand marketing, lessening its reliance on search-engine marketing. “We knew that people are changing their behavior,” said William White, Walmart’s chief marketing officer.

☆ Abercrombie sees better holiday-quarter sales, posts surprise profit
▼ + stars: | 2022-11-22 | by ( Ananya Mariam Rajesh | ) www.reuters.com time to read: +2 min

The Ohio-based apparel retailer's shares that have lost nearly half of their value this year were up about 19% after the company also reported third-quarter sales above Wall Street estimates, defying inflation's impact on non-essential spending. Chief Executive Officer Fran Horowitz in a post-earnings call said the company expects the fourth quarter to "mirror more pre-pandemic" holiday. Abercrombie, however, said there was a little bit of softness in demand during late October and maybe into the first week of November. Abercrombie expects fourth-quarter net sales to fall about 2% to 4% in fiscal 2022, compared with analysts' average estimate of a 6.3% drop, according to Refinitiv IBES data. Excluding items, it reported a profit of 1 cent per share in the third quarter, compared with estimates of a loss of 16 cents.

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