Abercrombie Up: Nice Pin Action Among Clothiers
Urban Outfitters (URBN) -- whose shares we recommended on Sunday (see below) -- are up again today after fellow retailer Abercrombie & Fitch reported sweetheart numbers.ANF said that net sales of $228.3 million for the five-week period ended October 1, 2005, a 31% increase over last year's September sales of $174.7 million.
That has to be a good sign for those who took our URBN buy recommendation seriously.
Urban Oufitters had a nice lift yesterday after Bank of America upgraded the stock, citing "accelerating top-line trends and opportunity for further margin improvement."
To reiterate, we think Urban's explosive growth should stick as the company opens close to 30 new outlets over the next year.
URBN reports next month; we have a $34 price target on the niche retailer.
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