Citi Discusses December Same-Store-Sales (ANF, LTD)

Citi Investment Research is out with a research report on the December same-store-sales. It said it sees upside to Abercrombie & Fitch ANF and Limited LTD. In a note to clients, Citi writes, "Guess those traffic numbers deserved a bit more credence this year. Our Softline comp index came in at +1.2% versus our projection for +0.7% as stronger comps from ANF, TJX and ROST offset weaker than expected comps from LTD, AEO, and GPS. The modest gain compared to a +5.3% rise in the index in November and a +5.4 gain in December 2009. Total sales across the November/December period rose +6.6% in 2010 vs the +8.5% increase in the year ago period." It goes on to say, "We've made a number of changes to estimates, which we discuss below. Of the monthly reporters, we think ANF and LTD have upside to 4Q10 consensus and believe URBN has downside risk."