Deutsche Banks Takeaways On ANF, ANN, GPS

Deutsche Banks reports that the total apparel industry promotions increased by ~25% y/y in March, “more so than in January and February.” “Second, the apparel industry offered bigger y/y percentage discounts this March (muted in January and February), perhaps given tough compares and a negative Easter shift,” Deutsche Banks writes. “Third, regarding individual brands, Ann Taylor ANN & J Crew saw the biggest y/y jump in the number of promotions, with each Abercrombie ANF brand seeing the biggest decrease; while Piperlime & Old Navy GPS offered the steepest March discounts, though Ann Taylor & Banana much less so.” Gap Inc. closed Friday at $22.25; Abercrombie closed at $67.46; Ann Taylor closed at $30.67.